Italy’s financial regulator has urged crypto companies to prepare for a major regulatory shift, as the EU’s Markets in Crypto-Assets (MiCA) framework approaches a key cutoff.
Specifically, the reminder highlights a December 30, 2025, deadline that will determine whether many operators can continue serving customers in the country.
Transition Rules Set Clear Timelines
According to details shared by Consob, firms currently listed as virtual asset service providers (VASPs) may operate under transitional rules until late 2025. However, companies that wish to remain active after that date must apply to become licensed crypto-asset service providers (CASPs). Notably, the submission deadline is December 30, 2025.
Once an application is filed, firms may keep operating while awaiting a decision. Nevertheless, this grace period ends no later than June 30, 2026.
Consob’s guidance aligns with a broader transition plan outlined the same day by the European Securities and Markets Authority.
Consequences for Firms Avoiding Authorization
Consob also clarified expectations for operators that do not intend to pursue MiCA authorization. These businesses must halt activity in Italy by the December 2025 deadline.
They must also close existing accounts and return all assets to customers. The directive aims to ensure a smooth regulatory transition without exposing users to undue risk.
These requirements mark a notable shift from Italy’s current regulatory structure. Currently, crypto intermediaries only need to register with the OAM, which supervises agents and brokers. Under MiCA, however, firms will face full authorization requirements and ongoing supervisory oversight.
This transition signals an effort to align Italy’s market with EU standards and enhance accountability across the sector.
Macroprudential Panel Flags Growing Vulnerabilities
The regulatory update comes as Italy’s Macroprudential authorities review broader financial stability risks linked to digital assets. The committee, which includes the Consob, Bank of Italy, COVIP, IVASS, and the Treasury, met in Rome to assess emerging pressures.
Although members said Italy’s economic backdrop remains broadly favorable, they nevertheless warned that crypto-related vulnerabilities are on the rise. They specifically cited deeper links between digital-asset markets and traditional finance, as well as uneven global regulatory standards, as sources of potential strain.
In response, the Ministry of Economy and Finance is conducting a thorough assessment of the safeguards for retail investors who hold crypto assets, either directly or through intermediaries.
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