Italy’s securities regulator has laid out a strict timeline for enforcing the European Union’s Markets in Crypto-Assets Regulation (MiCA), warning that unlicensed crypto firms must either secure approval or exit the country.
The new rules directly impact virtual asset service providers (VASPs) operating under Italy’s current regime, along with the retail investors who rely on them.
In a notice issued Thursday, the Commissione Nazionale per le Società e la Borsa (CONSOB) reminded the industry that Dec. 30 will be the final day VASPs registered with the Organismo Agenti e Mediatori (OAM) can continue operating under the existing national system.
After Dec. 30, only firms authorized as crypto-asset service providers (CASPs) under MiCA — including those passporting in from other EU countries — will be permitted to offer crypto-asset services in Italy.
CONSOB clarified that VASPs filing an application for CASP authorization in Italy or another EU member state by the Dec. 30 deadline may continue operating while their applications are reviewed, but not beyond June 30, 2026. This transitional period applies only to operators that submit their applications on time and ends once authorization is granted or denied, or when the June 2026 cutoff arrives.
Obligations for firms that don’t apply
VASPs that choose not to seek MiCA authorization must shut down their Italian operations by Dec. 30. They are required to terminate any active contracts, return client assets and funds according to customer instructions, and clearly communicate their plans to users.
VASPs listed with the OAM must also publish detailed notices on their websites and directly inform customers of whether they intend to comply with MiCA or wind down operations altogether.
These requirements arise from Italy’s legislative decree implementing MiCA, which establishes a transitional regime for current VASPs while they move to full CASP authorization.
Warnings for retail investors
CONSOB cautioned that some VASPs now operating in Italy may no longer be permitted to do so after Dec. 30. Investors should verify whether their service providers have communicated how they plan to meet MiCA requirements. If they haven’t received this information, the regulator advises asking the provider directly or requesting the return of funds.
EU-wide MiCA context
CONSOB’s guidance aligns with broader EU efforts to enforce MiCA’s transition rules. On the same day, ESMA issued a statement on the winding down of transitional periods, stressing that firms operating under national regimes are not automatically MiCA-authorized and may need to implement orderly wind-down plans if they fail to secure approval in time.
Italy’s firm application deadline and fixed operating window illustrate how EU member states are using their discretion under MiCA’s transitional framework. Going forward, continued activity in Italy’s crypto market will depend on obtaining full MiCA-compliant authorization.
