Italy’s Consob Issues Final Warning Ahead of MiCAR Deadline for Crypto Service Providers

Key Takeaways

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  Italy's December 30 deadline marks the end of the MiCAR transitional period for crypto firms (VASPs).
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  VASPs must apply for CASP authorisation or cease services; investors should verify operator compliance.
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  Non-compliant operators must return client funds and cease crypto services by year-end.

Regulatory Shift Under MiCAR

Italy’s financial markets regulator, Consob, has issued a final notice urging investors and virtual asset operators to prepare for the December 30, 2025, deadline that ends the transitional period for compliance with the EU’s Markets in Crypto-Assets Regulation (MiCAR). This move signals a major regulatory shift for the country’s cryptocurrency sector, which currently operates under a lighter regime.

Under the current Italian framework, Virtual Asset Service Providers (VASPs) only need to be registered with the OAM to operate. MiCAR replaces this model, requiring crypto firms to obtain full authorisation as Crypto-Asset Service Providers (CASPs) from national or EU supervisors.

VASPs registered with the OAM may continue offering services only until December 30. Those who apply for CASP authorisation, either in Italy or another EU member state, before the deadline may operate during the assessment period, but no later than June 30, 2026.

Consob’s latest communication aligns with ESMA’s guidance and underscores the level of oversight crypto companies will soon face under the European regime.

Heightened Investor and Operator Obligations

Consob warned investors that many VASPs may no longer be authorised after December 30 and advised users to verify whether they have received clear communication from their provider regarding MiCAR compliance plans and whether the operator appears on the OAM’s list of registered VASPs or ESMA’s register of authorised CASPs.

If a provider is not authorised to operate after the deadline, it must stop offering services and return customer funds and crypto-assets upon request.

All VASPs are required to publish detailed notices on their websites outlining whether they will pursue MiCAR compliance or execute an orderly wind-down.

The Bank of Italy has also highlighted concerns over the growing influence of Bitcoin and other digital assets on the financial system, warning that their increasing integration with the broader economy poses new risks for investors and systemic stability.