Italy's financial market regulator, Consob, has issued a directive requiring virtual asset service providers (VASPs) to obtain authorization compliant with Europe's Markets in Crypto-Assets (MiCA) regulation by December 30, 2025. Failure to comply will necessitate ceasing Italian operations, returning client assets, and clearly communicating exit or compliance plans.
VASPs can continue operating until December 30, 2025, if they are registered with OAM, the national agents and brokers registry. However, to serve Italian clients beyond this date, they must transition to becoming MiCA-authorized crypto-asset service providers (CASPs). Firms that apply for authorization by the deadline may continue to operate during the review process. This provisional operating period will end upon the approval or rejection of their application, or by June 30, 2026, whichever occurs first.
Non-applicant VASPs are mandated to terminate all contracts, return all crypto-assets and funds to their clients, and publish clear notices on their websites and directly to clients detailing their exit or licensing plans.
MiCA Regulation and Italian Implementation
The regulator urged investors and operators to exercise "maximum attention" as the transition period for the European Union's MiCAR framework nears its conclusion. This regulation will introduce new operational standards for virtual asset service providers across the bloc, impacting how they market trading, custody, and related services to retail clients.
Under the Italian framework, firms currently operating as VASPs can continue their business until December 30, 2025, provided they remain registered with the OAM. After this date, all firms must obtain authorization as MiCA-compliant CASPs to maintain their operations within Italy.
VASPs that submit their authorization applications by the December 30 deadline, whether in Italy or another EU member state, will be permitted to continue serving customers while their applications are under review, Consob stated. This temporary operating window will close once their application is approved or rejected, but no later than June 30, 2026.
The existing Italian regime primarily requires OAM registration for VASPs. In contrast, under MiCA, crypto-asset service providers will require prior authorization from supervisory authorities and will be subject to ongoing supervision. This measure aligns Italy with broader European efforts to enhance oversight, particularly following a series of global exchange failures and token collapses.
Guidance for Investors and Operators
Consob has issued detailed guidance that mirrors instructions published by the European Securities and Markets Authority (ESMA) to facilitate an orderly transition. This document outlines the requirements for both retail users and operators as the deadline approaches.
The regulator advised investors that some currently operating VASPs may lose their authorization after December 30. Consob has instructed clients to verify whether their providers have communicated compliance plans and to request explanations if such information has not been provided.
Following the deadline, Consob directs users to confirm a firm's legitimacy by consulting the OAM list of VASPs or the ESMA register of authorized CASPs. Providers lacking proper authorization will be prohibited from offering crypto-asset services to the public, and customers will retain the right to request the return of their funds or tokens, according to the notice.
Timeline and Enforcement for VASPs
For operators, Consob noted that it has distributed guidance through meetings and public communications. This includes a September 2024 notice containing initial instructions and a July 2025 update when the national transition period was extended to June 30, 2026. The regulator issued a specific warning on October 31, 2025, to VASPs on the OAM list that had not yet obtained MiCAR authorization.
VASPs that choose not to seek CASP authorization must cease all Italian activities by December 30, 2025. They are required to terminate existing contracts and return all crypto-assets and related funds to customers according to client instructions. Furthermore, they must discontinue all services, including custody and administration.
VASPs that remain on the OAM register are obligated to post clear information on their websites and provide direct notice to their clients regarding their future plans. This notice should specify whether they are pursuing a MiCAR license or executing an orderly market exit, the regulator stated.