The Italian securities regulator has set a clear timeline for the application of the EU's regulation on crypto assets (MiCA) in the country, warning that unlicensed crypto platforms must apply for authorization or exit the market before the deadline.
This move directly affects virtual asset service providers (VASPs) currently operating under the Italian regime and the retail investors using their services.
In a press release issued on December 4, 2025, the Italian National Securities Market Commission (CONSOB) reminded the market that December 30, 2025, is the last day for VASPs registered with the Agents and Mediators Office (OAM) to operate under the existing national framework.
After this date, only crypto asset service providers authorized under the regulation on crypto assets (including companies entering Italy from other EU member states through the member state passport mechanism) will be allowed to provide crypto asset services in the country.
CONSOB stated that under the legislation implementing the regulation on crypto assets in Italy, virtual asset service providers that submit applications before December 30 and intend to be approved as crypto asset service providers in Italy or other EU member states may continue to operate during the review period, but in any case, not later than June 30, 2026.
This transitional operating period is only open to operators who submit applications before the deadline and ends upon approval or rejection, or when the upper limit of June 30, 2026, is reached.
For virtual asset service providers that decide not to seek authorization under the regulation on crypto assets, CONSOB outlined specific obligations. These operators must cease their activities in Italy by December 30, 2025, terminate existing contracts, and return customers' crypto assets and funds according to customer instructions.
CONSOB also stated that virtual asset service providers registered on the OAM list must publish sufficient information on their websites and directly inform customers of the measures they intend to take, whether to comply with the regulation on crypto assets or to ensure an orderly termination of existing relationships.
The framework stems from Italy's legislative decree (for implementing the regulation on crypto assets), which introduces a transitional system for existing virtual asset service providers and sets the conditions for their continued operation during the transition to the new crypto asset service provider authorization system. The decree utilizes the flexibility allowed by the transitional provisions of the regulation on crypto assets to set a national deadline, including the June 30, 2026, mentioned in the CONSOB announcement.
CONSOB's press release includes a separate section titled "Warning to Investors."
The regulator pointed out that virtual asset service providers currently operating in Italy may no longer be authorized to operate after December 30, 2025, and emphasized that investors should verify whether their service providers have provided the necessary information regarding their compliance plans with the regulation on crypto assets.
If such information is not received, CONSOB advises investors to seek clarification from the operators or request the return of their funds.
CONSOB's announcement is part of a broader EU framework concerning the application and transitional measures of the regulation on crypto assets. On the same day, the European Securities and Markets Authority issued a statement regarding the end of the transitional period for the regulation on crypto assets, emphasizing that member states may provide temporary extensions for existing providers' licenses, but these periods are limited and will expire.
The agency's statement explained that companies operating under the national transitional system do not automatically receive authorization under the regulation on crypto assets and emphasized the need for an "orderly wind-down plan" if providers fail to obtain authorization before the end of the transitional period.
Italy's hard deadline for applications and continued operations demonstrates how member states are exercising discretion granted by the regulation on crypto assets' transitional system. Italy's transitional period now has a clear endpoint, and continuing to operate in the market will require compliance with the authorization under the regulation on crypto assets.
Related: Crypto investors donate $12 million to the UK Reform Party, setting a record for the party's election contributions.
Original: “Italy Sets Strict MiCA Compliance Deadline for Crypto Platforms”
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