Italy’s financial markets regulator, Consob, has directed virtual asset service providers (VASPs) to obtain authorization as crypto-asset service providers (CASPs) under the EU Markets in Crypto-Assets Regulation (MiCAR) by Dec. 30, 2025, or stop offering services in Italy, return client assets, and clearly communicate either exit plans or licensing intentions.
Summary
– VASPs registered with the national agents and brokers registry (OAM) may continue operating in Italy only until Dec. 30, 2025; to serve Italian clients after that date they must secure MiCAR-compliant CASP authorization.
– Firms that submit authorization applications by Dec. 30, 2025, in Italy or another EU member state may continue serving customers while their application is reviewed; this temporary operating permission ends upon approval, rejection, or no later than June 30, 2026.
– VASPs that do not apply must terminate contracts, return all crypto-assets and funds to clients, and publish clear notices on their websites and directly to clients about their exit or licensing plans.
Consob urged investors and operators to exercise “maximum attention” as the MiCAR transition period nears its end. MiCAR will impose new operational standards and prior authorization requirements for entities offering trading, custody, and related services to retail clients across the EU, moving beyond Italy’s current regime that requires only OAM registration.
Consob said it has aligned its guidance with the European Securities and Markets Authority (ESMA) to ensure an orderly transition and laid out expectations for both retail users and service providers. The regulator warned that some currently operating VASPs may lose the ability to offer services after Dec. 30 if they do not obtain authorization, and advised customers to verify providers’ compliance plans and request explanations where none are provided.
To check legitimacy after the deadline, Consob instructed clients to consult the OAM list of VASPs and the ESMA register of authorized CASPs. Firms without proper authorization will be prohibited from offering crypto-asset services to the public, and customers retain the right to demand the return of funds or tokens.
Consob noted it has communicated guidance through meetings and public notices, including a September 2024 advisory with initial instructions and a July 2025 update when the national transition period was extended through June 30, 2026. The regulator also issued a specific warning on Oct. 31, 2025, to VASPs listed on the OAM that had not yet obtained MiCAR authorization.
VASPs that decide not to seek CASP authorization must cease Italian operations by Dec. 30, 2025, terminate existing contracts, return crypto-assets and related funds according to client instructions, and discontinue custody and administrative services. Those remaining on the OAM register are required to post clear information on their websites and provide direct notice to clients about whether they are pursuing a MiCAR license or executing an orderly market exit.
