Italy's securities regulator has established a clear timetable for the application of the European Union's Markets in Crypto-Assets Regulation (MiCA) within the country. Unlicensed crypto platforms have been warned of a definitive deadline to either obtain authorization or cease operations in the Italian market.
This directive significantly impacts virtual asset service providers (VASPs) currently operating under Italy's existing regulations, as well as the retail investors who utilize their services.
In a press release issued on December 4, 2025, Italy's Commissione Nazionale per le Società e la Borsa (CONSOB) reminded the market that December 30, 2025, marks the final day that VASPs registered with the Organismo Agenti e Mediatori (OAM) can continue to operate under the current national framework.
Following this date, only entities that have been authorized as crypto asset service providers (CASPs) under MiCA, including those with passporting rights into Italy from other EU member states, will be permitted to offer crypto-asset services within the country.
CONSOB has clarified that, according to Italy's MiCA-implementing legislation, VASPs that submit an application for authorization as CASPs in Italy or another EU member state by December 30, 2025, may continue their operations while their application is under review. This transitional period will extend no later than June 30, 2026.
This temporary operating period is exclusively available to entities that submit their applications by the specified deadline. The period concludes either upon the approval or rejection of the authorization request, or upon reaching the June 30, 2026, cut-off date.
Obligations for Firms Not Applying for Authorization
For VASPs that choose not to pursue authorization under MiCA, CONSOB has outlined specific responsibilities. These operators must cease all activities in Italy by December 30, 2025. They are also required to terminate existing contracts and return clients' crypto-assets and funds in accordance with customer instructions.
Furthermore, CONSOB has mandated that VASPs registered with the OAM must post comprehensive information on their websites and directly notify their clients about the measures they intend to implement. These measures should either ensure compliance with MiCA or facilitate an orderly closure of existing client relationships.
This regulatory framework is derived from Italy's legislative decree that implements MiCA. This decree introduced a transitional regime for existing VASPs and established the conditions under which they can continue operating while transitioning to the new CASP authorization system. The decree leverages the flexibility provided by MiCA's transitional provisions to set national deadlines, including the June 30, 2026, date mentioned in CONSOB's announcement.
Warnings Issued to Retail Investors
CONSOB's press release includes a dedicated section providing warnings to investors.
The regulator emphasizes that VASPs currently operating in Italy may lose their authorization after December 30, 2025. Investors are strongly advised to verify whether they have received adequate information from their service provider regarding its plans for MiCA compliance.
In cases where such information has not been provided, CONSOB recommends that investors request clarification from the operator or initiate the process for the return of their funds.
EU-Level Context Under MiCA
CONSOB's communication aligns with the broader European Union framework for the implementation and transitional measures of MiCA. On the same day, the European Securities and Markets Authority (ESMA) released a statement concerning the conclusion of MiCA's transitional periods. ESMA highlighted that member states have the option to permit the temporary continuation of existing licenses for current providers, but these periods are time-limited and will eventually expire.
ESMA's statement clarifies that firms operating under national transitional regimes are not automatically considered MiCA-authorized. It underscores the importance of having "orderly wind-down plans" in place for providers that do not secure authorization before the end of their respective transitional periods.
Italy's firm deadline for applications and continued operation illustrates how member states are utilizing the discretion granted to them by MiCA regarding transitional regimes. The Italian transitional period now has clearly defined endpoints, and continued market activity will necessitate authorization compliant with MiCA.