Italy’s financial markets regulator Consob has issued a strong reminder to both investors and crypto operators to prepare for the rapidly approaching 30 December 2025 deadline for compliance with the European Union’s new MiCAR (Markets in Crypto-Assets Regulation) framework.
Under the current Italian regime, Virtual Asset Service Providers (VASPs), which include cryptocurrency exchanges and platforms, are only required to be listed in the OAM (Organismo Agenti e Mediatori) register.
However, MiCAR introduces a far stricter regime in which operators must obtain formal authorisation as Crypto-Asset Service Providers (CASPs) from national or European supervisory authorities.
Consob emphasised that 30 December 2025 marks the last day on which OAM-registered VASPs can operate without MiCAR authorisation.
Operators that submit an application for CASP authorisation in Italy or any other EU Member State by the deadline will be allowed to continue offering services during the assessment period, but no later than 30 June 2026.
To ensure a smooth transition, Consob highlighted the need for investors to take precautionary steps. Investors should confirm that their VASP has communicated its compliance plans and verify whether the operator is authorised to continue functioning after 30 December.
This can be checked through the OAM VASP list or the ESMA register of authorised CASPs. If an operator lacks authorisation, it must stop offering crypto services, and investors are entitled to request the return of their funds or crypto-assets.
Consob also issued a fresh warning to VASPs, recalling previous guidelines and reminders, including those from September 2024, July 2025, and 31 October 2025.
The regulator reiterated that VASPs choosing not to pursue CASP authorisation must cease operations in Italy by 30 December, close customer relationships, return all funds and crypto-assets, and halt all services, including custody.
Furthermore, all OAM-registered VASPs are required to clearly publish their transition or exit plans on their websites and directly inform customers to ensure transparency and investor protection as MiCAR takes full effect.