Italy Sets 2025 MiCA Deadline for Crypto Providers

Italy’s Consob has stated that virtual asset service providers (VASPs) need to obtain MiCA-compliant Crypto Asset Service Provider (CASP) authorization by December 30, 2025, or cease operations in Italy. They must also return client assets and communicate their exit or compliance plans clearly.

Key Takeaways

MiCA Authorization Deadline: VASPs must obtain MiCA-compliant CASP authorization by December 30, 2025.
Operation Continuation: Firms can continue operating if they are registered with the OAM and apply for authorization by the deadline.
Investor Vigilance: Investors are advised to verify compliance plans and ensure their providers are authorized.
Fund Return Policy: Providers without proper authorization must return client assets and cease operations.
Regulatory Guidance: Consob has issued guidance and reminders to support the transition towards MiCA compliance.

Italian regulator Consob highlights MiCA compliance deadline for crypto service providers and investor protections.

Italy's financial regulator, Consob, has mandated that cryptocurrency providers must secure MiCA authorization by the end of 2025 to continue operating in Italy. This regulation aims to enforce stricter standards for virtual asset service providers, promoting investor protection and operational integrity in the crypto market.

Understanding the MiCA Compliance Requirements

As the European Union’s Markets in Crypto-Assets Regulation (MiCAR) transition period nears its end, Italy’s Consob has urged both investors and operators to pay close attention. The new regulations will set fresh operational standards for VASPs throughout Europe, impacting how they market trading, custody, and other crypto-related services to retail clients.

Under Italy's current framework, firms functioning as VASPs can operate until December 30, 2025, if they remain registered with the OAM, the national registry for agents and brokers. Beyond this deadline, companies must secure authorization as MiCAR-compliant crypto-asset service providers to continue their business.

Ongoing Operations and Authorization Process

Consob highlighted that VASPs submitting their authorization applications by December 30—whether in Italy or in other EU countries—will be allowed to continue serving clients while their applications are being processed. This temporary operational allowance will terminate after either the application is approved or rejected, or by June 30, 2026, at the latest.

Currently, Italian regulations only require VASPs to register with the OAM. However, with MiCAR, these providers will need prior authorization from supervisory authorities and will be subject to ongoing regulatory oversight, aligning Italy with broader European efforts to enhance scrutiny following various global exchange failures and cryptocurrency collapses.

Detailed Guidance for Transition

To ensure a smooth transition, Consob has released comprehensive guidance that aligns with the instructions published by the European Securities and Markets Authority (ESMA). This guidance delineates expectations for both retail users and VASPs as the compliance deadline approaches.

Consob has cautioned investors that certain currently operating VASPs may face authorization revocation post-December 30. Clients are encouraged to verify whether their providers have shared compliance plans and should seek clarifications if such details are lacking.

Verifying Provider Legitimacy

Following the deadline, users are advised to confirm the legitimacy of crypto providers by checking the OAM list of VASPs or the ESMA register of authorized CASPs. Firms without proper authorization will not be permitted to offer cryptocurrency services to the public. Customers will retain the right to request the return of their funds or tokens as stated in the regulatory notice.

For operators, Consob has disseminated guidance through various channels, including public communications and specific notices, which began in September 2024 with initial instructions and continued updates in July 2025 with updates on the extension of the national transition period to June 30, 2026. In a targeted warning issued on October 31, 2025, Consob reminded VASPs listed on the OAM that they must obtain MiCAR authorization.

VASPs opting not to pursue CASP authorization must halt their Italian operations by December 30, 2025, and terminate existing contracts. These firms are required to return client crypto-assets and funds as per client instructions and must discontinue all services, including custody and administrative tasks.

Conclusion and Next Steps for VASPs

VASPs that remain on the OAM registry have a responsibility to provide clear information on their websites and notify clients directly about their plans, whether they intend to pursue MiCAR licensing or to execute an orderly exit from the market. Consob has placed a strong emphasis on transparency during this transition as the deadline approaches.