Italy’s market watchdog has set out a firm end date for crypto firms operating under the country’s interim rules, saying VASPs will not be able to continue beyond 30 December 2025 unless they enter the EU’s MiCA authorisation process.
In a notice released by Consob, the regulator stressed that virtual-asset service providers registered with the “Organismo Agenti e Mediatori” will only be allowed to operate until that date, unless they file a request to become authorized crypto-asset service providers in Italy or another EU member state.
The regulator noted that firms that lodge their applications by the deadline may continue serving customers while their cases are reviewed, though no operator will be permitted to remain active past 30 June 2026 if approval is not granted.
Under the current Italian framework, VASPs need only be listed with the OAM (Agents and Brokers Organisation), while the new category of CASPs will require direct authorization and ongoing supervision from national and European authorities. CONSOB said its guidance aligns with communication published by the European Securities and Markets Authority and forms part of its effort to ensure an orderly move into the EU rulebook.
The watchdog also issued detailed warnings for retail clients. It noted that many platforms operating today may not be permitted to continue after 30 December 2025. Investors were advised to confirm whether they have received clear explanations from their provider about its compliance plans and to check independently whether the firm will be authorized to offer services in Italy beyond the deadline.
Consob warned that any platform choosing not to apply for CASP status must stop operating in Italy by 30 December 2025, close client accounts, return customer assets, and wind down all activities, including custody and administration. The regulator also said every VASP listed with the OAM should publish on its website and inform clients directly about the steps it intends to take either to comply with MiCA or to manage an orderly exit from the market.
The EU’s Markets in Crypto-Assets framework is the bloc’s first full attempt to draw digital-asset activity under a common legal structure. Lawmakers agreed on the package in 2023 after years of national supervisors taking divergent approaches, which often left firms navigating inconsistent rules and customers unsure of the protections applied to their holdings.
A large share of the crypto industry falls under MiCA’s framework. The regulation pulls together activities that had previously been scattered under different national regimes, covering everything from trading platforms and brokers to custodial services and firms that issue their own tokens. Stablecoin operators face an even tighter rule set, with requirements on how reserves are held and how their businesses are organized.
A key feature of the regime is its “passport”: once a company receives authorization in one member state, it can operate throughout the EU without seeking fresh approval in every jurisdiction. For customers, the framework is meant to deliver clearer information, more consistent rights, and firmer oversight of how their assets are handled.
Although the regulation will raise compliance demands, supervisors expect it to streamline the European market. Firms able to meet the new standards may gain a more predictable environment, while weaker operators are likely to fall away as MiCA takes hold.
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