Italy’s Consob says VASPs must obtain MiCA-compliant CASP authorization by December 30, 2025, or cease Italian operations, return customer assets and clearly communicate exit or compliance plans.
Summary
- VASPs can operate until December 30, 2025, if they are registered with OAM, but must transition to MiCA-authorized CASPs to continue serving Italian customers after that date.
- Companies that apply for a permit before the deadline can continue during the review, with a hard stop at approval, rejection or June 30, 2026, whichever comes first.
- VASPs that do not apply must terminate contracts, return all crypto assets and funds, and publish clear notices on websites and to customers about exit or licensing plans.
Italy’s financial markets regulator has ordered cryptocurrency providers to obtain authorization under Europe’s Markets in Crypto-Assets regulation by December 30, 2025, or cease their local operations, according to a report announcement from Consob.
The Italian provider Consob must comply with MiCa: regulators
The regulator urged investors and operators to pay “maximum attention” as the transition period for the European Union’s MiCAR framework nears its end. The regulation will set new operational standards for virtual asset service providers across the bloc, which will impact how they market trading, custody and related services to retail clients.
Under the Italian framework, companies currently operating as Virtual Asset Service Providers can only continue their activities until December 30, 2025, provided they remain registered with the OAM, the national agent and broker register, Consob said. After that date, companies will need to apply for a license as MiCAR-compliant crypto asset service providers in order to continue their operations.
VASPs that submit authorization applications before December 30, either in Italy or another EU member state, will be allowed to continue serving customers during the assessment process, Consob said. The temporary operating window will close after approval or rejection of the application, and no later than June 30, 2026.
The existing Italian regime only requires OAM registration for VASPs. Under MiCAR, crypto asset service providers will require prior approval from supervisory authorities and will face ongoing scrutiny, putting Italy in line with broader European efforts to strengthen supervision after multiple global exchange rate busts and token collapses.
Consob has issued detailed guidelines reflecting the instructions of the European Securities and Markets Authority to facilitate an orderly transition. The document outlines the requirements for retail users and operators as the deadline approaches.
The regulator advised investors that some currently operating VASPs could lose their licenses after December 30. Consob instructed customers to verify whether providers have communicated compliance plans and seek explanations if such information has not been provided.
Consob instructed users to confirm a company’s legitimacy after the deadline by consulting the OAM list of VASPs or the ESMA register of authorized CASPs. Providers that do not have the proper authorization cannot offer crypto asset services to the public, and customers retain the right to request the return of funds or tokens, the notice said.
For operators, Consob noted that it has distributed guidance through meetings and public communications, including a September 2024 notice with initial instructions and a July 2025 update when the national transition period was extended until June 30, 2026. The regulator sent a specific alert on October 31, 2025 to VASPs on the OAM list that had not obtained MiCAR authorization.
VASPs that choose not to apply for CASP authorization must cease Italian operations and terminate existing contracts by December 30, 2025, Consob said. These companies must return crypto assets and related funds to customers as per customer instructions and cease all services, including custody and administration.
VASPs that remain on the OAM register are required to post clear information on websites and immediately notify customers of their plans, whether to pursue a MiCAR license or carry out an orderly exit from the market, the regulator said.
