- Consob has urged VASPs to obtain CASP approval or cease operations by December 30, 2025.
- This request comes as the deadline to transition to the new MiCAR framework approaches.
- Unlicensed operators will be required to stop services and return customer assets.
Italian financial regulator Consob has issued an urgent notice to investors and digital asset operators as Italy moves closer to adopting the MiCAR regulatory framework.
According to a press release published late yesterday, Consob highlighted December 30, 2025 as the final day that VASPs (Virtual Asset Service Providers) operating under the current regime will be permitted to continue functioning without full authorization.
Consob warned that operators who do not complete this transition face the risk of being banned from the market.
Therefore, any VASP operating in Italy must either comply with the EU Markets in Crypto-Assets Regulation (MiCAR) or exit the market.
The press release stated:
December 30, 2025 is the last day on which Virtual Asset Service Providers (VASPs — operators currently offering virtual asset services, such as cryptocurrency exchanges) registered with the OAM (Organismo Agenti e Mediatori, or Agents and Brokers Organization) can continue to operate.
MiCAR resets the regulatory rulebook in Italy
Until now, Italian regulators allowed VASPs to operate under an OAM registration. MiCAR changes that landscape by imposing stricter rules and requiring full licensing for Crypto Asset Service Providers (CASPs) serving the European Union.
The MiCAR authorization process involves comprehensive operational reviews, customer protection requirements, enhanced supervisory controls and ongoing monitoring — a much more demanding regime than the previous model.
Consob emphasized that a VASP will only be able to continue operating if it submits an application for CASP authorization in Italy or another EU Member State by December 30.
Operators that file applications before the deadline may continue to provide services while awaiting a final decision, but all entities must be compliant with MiCAR by June 30, 2026.
What’s next for investors?
Consob has issued warnings both to operators and to everyday crypto users.
Investors should promptly verify whether their service providers plan to comply with the new rules and meet MiCAR requirements.
There are two key points investors should monitor.
First, check whether the operator has published a clear MiCAR transition plan.
Second, confirm the provider’s regulatory status following the deadline.
VASPs that do not apply for authorization or fail to obtain it will not be permitted to operate in Italy after December 30, and customers will be entitled to request the return of their assets in light of these developments.
Consob noted that it has reiterated warnings to operators several times during the transition phase, highlighting updates issued in September last year, July 2025, and a notice sent on October 31 to firms that still only hold OAM registration.
While some operators view MiCAR as a pathway to regulated international operations, others see the new rules as effectively signaling the end of the road for their business model.
In the meantime, digital asset investors should remain vigilant, regularly check their provider’s regulatory status, and act ahead of MiCAR enforcement to avoid last-minute disruptions or forced withdrawals.