Italy’s Crypto Market Regulator Sets Deadline for MiCAR Approval
Italy’s markets regulator, Consob, has issued a warning to crypto providers, instructing them to seek approval under Europe’s new MiCAR regime by December 30 or cease their local operations. This move aims to increase pressure on exchanges and brokers serving local users, ensuring compliance with the upcoming regulations. The MiCAR regime will significantly change the way virtual asset providers operate across the bloc, affecting how they market trading, custody, and other services to retail customers.
Regulatory Shift Moves Italy Toward Europe’s Unified Crypto Rulebook
Consob’s warning is part of a broader European push for stricter supervision of the crypto market, following a series of global exchange outages and token collapses. The Italian framework requires Virtual Asset Service Providers (VASPs) to register with the OAM, the national register of agents and brokers, until December 30, 2025. After this date, they must take concrete steps to become MiCAR-compliant crypto asset service providers (CASPs) to stay in business.
VASPs that submit an application for authorization either in Italy or in another EU member state by December 30 will be allowed to continue serving customers while supervisors process their files. This temporary window will close once the application is approved or rejected, but no later than June 30, 2026. To support an orderly and transparent transition, Consob has issued a detailed notice in line with the guidelines published by the European Securities and Markets Authority.
Regulator Warns Users to Verify VASP Status Before Year-End
For investors, Consob emphasized that some VASPs currently operating may no longer be allowed to do so after December 30. Customers should check whether they have received clear information from their provider about their plans and, if not, ask for an explanation of how they will comply with the new framework. Consob also urged users to verify whether a company is legally allowed to operate in Italy after the deadline by checking either the OAM list of VASPs or the ESMA register of authorized CASPs.
On the operator side, Consob recalled that it has already exchanged guidelines through meetings and public communication, including a notice in September 2024 with initial instructions for companies and another in July 2025, when the national transition period was extended to June 30, 2026. The regulator said that VASPs that choose not to apply for authorization as CASPs must cease their activities in Italy by December 30, 2025, and close existing contracts, returning crypto assets and associated funds to customers in accordance with their instructions.
For more information on Italy’s crypto market regulations and the MiCAR approval process, please visit https://cryptonews.com/news/italy-tells-crypto-firms-micar-approval-dec-30/
