Italy’s markets regulator Consob has ordered virtual asset service providers (VASPs) operating under the national agents and brokers registry (OAM) to obtain authorization as crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCAR) by December 30, 2025 — otherwise they must stop offering services in Italy, return client assets and funds, and clearly communicate their exit or licensing plans.
Key points
– OAM-registered VASPs may continue serving Italian clients only until December 30, 2025. To remain active in Italy after that date they must secure MiCAR-compliant CASP authorization.
– Firms that file an authorization application by December 30, 2025, in Italy or another EU member state may continue operating while their application is reviewed. This temporary permission ends on the application’s approval or rejection, or no later than June 30, 2026.
– VASPs that do not submit an application must terminate contracts, return all crypto-assets and funds to clients per their instructions, cease custody and related administrative services, and publish clear notices on their websites and directly to clients about whether they are seeking a license or executing an orderly market exit.
Consob urged both investors and service providers to exercise “maximum attention” as the MiCAR transition concludes. MiCAR will introduce prior authorization requirements and new operational standards for entities offering trading, custody and related services to retail clients across the EU, replacing Italy’s current regime that only requires OAM registration.
The regulator said its guidance aligns with the European Securities and Markets Authority (ESMA) to support an orderly transition. Consob warned that some currently operating VASPs could lose the right to offer services after December 30 if they fail to obtain authorization and advised customers to check providers’ compliance plans and to request clarification where none is provided.
To verify a provider’s status after the deadline, Consob pointed clients to the OAM list of VASPs and ESMA’s register of authorized CASPs. Firms without proper authorization will be barred from offering crypto-asset services to the public, and clients retain the right to demand the return of funds or tokens.
Consob said it has communicated these expectations through meetings and public notices, including an advisory in September 2024, a July 2025 update that extended the national transition period through June 30, 2026, and a specific warning on October 31, 2025, to OAM-listed VASPs that had not yet obtained MiCAR authorization.
Where VASPs choose not to seek CASP authorization, the regulator requires them to wind down Italian operations by December 30, 2025: terminate existing contracts, return assets according to client instructions, stop custody and administrative services, and provide clear public and direct notices about their licensing intentions or planned market exit.