Italy’s markets regulator, CONSOB, has issued a fresh warning to crypto investors and service providers as the key compliance deadline for the EU’s Markets in Crypto‑Assets Regulation (MiCAR) approaches, stressing that unlicensed platforms face a hard stop on their Italian operations after 30 December 2025.
CONSOB Alert to Investors and VASPs
In a new press release, CONSOB urges “maximum attention” from both investors and virtual asset service providers (VASPs) as the transitional period for MiCAR draws to its end.
Under Italy’s framework, VASPs currently registered in the national OAM register may keep operating only until 30 December 2025 unless they apply to become MiCAR‑compliant crypto‑asset service providers (CASPs).
The regulator reminds firms that do not intend to seek CASP authorization that they must cease activity in Italy by the deadline, terminate existing contracts, and return all crypto‑assets and funds to clients in accordance with customer instructions.
Providers that wish to remain in the market must submit an authorization request by 30 December 2025, either to CONSOB or another EU authority, and clearly disclose their plans on their websites and in direct notices to customers.
Way Forward for Retail Users
VASPs that file MiCAR applications by the deadline can continue serving Italian clients during the review period, but only up to the earlier of three dates: the date of license approval, its rejection, or 30 June 2026. After that long‑stop date, any firm without full CASP authorization will have to stop offering crypto‑asset services in Italy.
For retail users, CONSOB advises checking whether their current platforms plan to apply for CASP status and verifying authorization through the OAM list and the ESMA CASP register once available. If a provider decides not to seek a license or fails to obtain one, customers retain the right to ask for the return of their assets and should receive clear information on how the platform will exit the market.
Legal and compliance experts say the Italian warning underlines a broader EU push to move crypto trading, custody, and issuance into fully supervised structures after a series of global exchange collapses and token failures.
For operators, CONSOB’s message is that MiCAR readiness now determines access to the Italian market. Also, for investors, the coming months mark a period to reassess where and how they hold digital assets.
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