Italy’s financial markets regulator, Consob, has issued a new warning to investors and crypto operators as the 30 December 2025 deadline for MiCAR compliance approaches. This date marks the end of the transition period for Virtual Asset Service Providers (VASPs) operating under Italy’s current, lighter rules.
With Europe’s new MiCAR framework coming into effect, operators will face a stricter authorisation process, and investors should be prepared for potential service disruptions.
What Happens After 30 December
Currently, VASPs in Italy only need to be registered with the OAM to operate legally. Under MiCAR, however, all crypto service providers, now called Crypto-Asset Service Providers (CASPs), must obtain full authorisation from regulators and operate under ongoing supervision. Consob emphasizes that 30 December 2025 will be the final day that unapproved VASPs can legally provide services in Italy.
A temporary exception applies to firms that submit a CASP authorisation request by the deadline. These operators may continue serving clients while their application is reviewed, but no later than 30 June 2026. Firms that fail to apply will be required to shut down immediately at the end of December.
This move follows earlier warnings. In April, the Bank of Italy noted that around 75% of firms holding large Bitcoin positions are based in the U.S., limiting the eurozone’s visibility into how these companies manage risk. The central bank cautioned that as crypto becomes more connected with traditional finance, potential vulnerabilities could affect wider markets.
How MiCAR Changes Affect Crypto Users
Consob advises investors to check the status of the crypto platforms they use. Many VASPs may not receive approval under MiCAR, which could leave users unable to access services or funds. Investors should confirm whether their platform has shared a MiCAR transition plan and verify the operator’s status via the official OAM list or ESMA’s register of authorised CASPs.
If a platform is not authorised after the deadline, it must stop operating and return all client funds and crypto-assets. Consob warns that using an unapproved operator after 30 December could expose users to unnecessary risks, especially if the firm delays withdrawals or provides unclear instructions.
Crypto Operators Must Comply or Shut Down Under MiCAR Rules
Consob’s warning is particularly relevant for VASPs that have not yet started the authorisation process. Those that do not transition into CASPs must wind down operations, close customer accounts, return assets and funds, and stop all crypto services, including custody and administration. Regulators stress that operators should communicate their plans clearly through public notices and direct updates to customers to ensure an orderly transition or shutdown.
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