- Consob has urged VASPs to obtain CASP authorization or cease operations by December 30, 2025.
- This comes as the deadline for transitioning to the new MiCAR rules approaches.
- Unauthorized operators are winding down services and returning user assets.
The Italian financial regulator Consob has issued an urgent notice to investors and digital asset service providers as Italy prepares to implement the Markets in Crypto-Assets Regulation (MiCAR).
In a press release issued yesterday, Consob emphasized that December 30, 2025, is the final day on which Virtual Asset Service Providers (VASPs) operating under the current framework may continue to operate without full authorization.
Consob warned that operators who fail to meet this transition risk being prohibited from operating.
As a result, any VASP operating in Italy must either comply with the EU crypto-asset rules or withdraw from the market.
The press release highlighted:
December 30, 2025, is the last day on which Virtual Asset Service Providers (VASPs — operators currently offering virtual asset services, such as crypto exchanges) registered with the OAM (Organismo Agenti e Mediatori — Agents and Brokers Organization) may continue to operate.
MiCAR reshapes Italy’s regulatory framework
Italian regulators have sought to ensure that VASPs secure OAM registration so their operations remain orderly during the transition.
At the same time, MiCAR introduces stricter requirements: only fully licensed Crypto-Asset Service Providers (CASPs) will be permitted to serve customers across the European Union.
The authorization process under MiCAR involves operational reviews, customer protection measures, enhanced controls, and ongoing supervision. These standards are significantly more rigorous than the previous regime.
Consob made clear that VASPs will be allowed to remain active only if they apply for CASP authorization in Italy or another EU member state by December 30, 2025.
Operators that submit applications by this deadline may continue to provide services while their applications are pending, but all entities must fully comply with MiCAR rules by June 30, 2026.
What’s next for investors?
Consob has issued warnings to both operators and everyday crypto users.
Investors should promptly verify whether their preferred service provider plans to comply with the new regulations and requirements.
There are two key actions investors can monitor.
First, check whether the provider has published a clear MiCAR transition plan.
Second, verify the provider’s regulatory status after the deadline has passed.
VASPs that do not submit an application or fail to obtain authorization will no longer be permitted to operate in Italy after December 30, and customers may seek the return of their assets from such operators.
Consob has reiterated warnings throughout the transition period, referencing updates issued in September last year, July 2025, and its October 31 notice to firms still holding only OAM registration.
Some operators view MiCAR as a pathway to fully regulated, cross-border operations, while others see it as a regulatory end point that will force them to exit the market.
In the meantime, digital asset investors should stay vigilant: monitor the regulatory status of their providers and take action before the MiCAR deadlines expose them to service disruptions or pressured, short-notice withdrawals.