Italy’s financial markets regulator Consob has ordered crypto providers to obtain authorization under the EU’s Markets in Crypto-Assets (MiCAR) regime by December 30, 2025, or stop serving Italian clients. The directive targets firms now operating as Virtual Asset Service Providers (VASPs) under a lighter national registration regime.
VASPs may continue to operate until the deadline if they remain on the OAM registry of agents and brokers. After that date, they must transition into MiCAR-compliant crypto-asset service providers (CASPs) if they wish to stay in the Italian market.
Firms that submit a MiCAR authorization application by December 30, either in Italy or another EU member state, can keep serving customers during the review period. The interim window ends when supervisors approve or reject the application, and in any case, no later than June 30, 2026.
VASPs that choose not to seek CASP status must halt Italian activities by the deadline. They must close outstanding contracts, return clients’ crypto-assets and related funds, and end services such as custody and administration.
Under the current Italian framework, VASPs only need registration with the OAM to operate. MiCAR replaces that registration model with prior authorization and continuous supervision by the competent authority. The change aligns Italy with the broader EU crypto oversight effort to tighten oversight after global exchange failures and token collapses.
Consob said the new regime will reshape how firms market trading, custody, and other crypto services to retail investors. It urged both investors and operators to pay “maximum attention” as the transition period nears its end.
The regulator instructed users to confirm that their provider has explained how it plans to meet MiCAR requirements or exit the market. If information is unclear, clients should request details on the firm’s strategy and timelines.
Consob advised investors to verify the status of firms after December 30 by checking the OAM list of VASPs and the ESMA register of authorized CASPs. Providers without valid authorization cannot legally offer crypto-asset services to the public, and customers retain the right to ask for the return of assets.
Consob’s notice follows a wider national review of crypto safeguards, ordered by Italy’s Economy Ministry after regulators warned about rising risks to retail investors. Authorities launched that review through the Committee for Macroprudential Policies, which includes the Bank of Italy and the Treasury.
Italy has increased enforcement against unauthorized investment platforms. Since 2019, Consob has ordered internet providers to block more than 2,200 domains, many linked to illegal or unlicensed crypto activities. It used powers granted under national law and MiCAR to act against these sites.
The EU also continues to reshape its supervisory structure. The European Commission has proposed giving the European Securities and Markets Authority a stronger role over major crypto providers and key market infrastructures. The proposal builds on MiCAR’s rollout and seeks to reduce uneven enforcement across member states.
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