Italy’s market watchdog has announced that digital asset service providers must obtain a license under the European Union’s new Crypto Assets Regulation (MiCAR) by December 30 or close their operations locally, in a bid to increase pressure on platforms and brokers offering their services to Italian users.
Consob, the country’s securities regulator, has urged investors and service providers to “pay close attention” as the end of the transition period for regulation of EU digital asset markets approaches, which will reshape how virtual asset service providers in Europe operate and market trading, custody and other services to retail clients.
Under Italian law, companies currently registered as virtual asset service providers (VASP) can continue their activity until December 30, 2025, as long as they are registered in the national register of brokers and agents (OAM).
Italian financial regulator Consob has warned investors and virtual asset service providers (VASPs) that the MiCAR transition period will end on December 30, 2025. VASPs that do not apply for authorization as crypto asset service providers (CASPs) before the deadline must cease…
-Wu Blockchain (@WuBlockchain) December 5, 2025
Next, companies must take concrete steps to register among MiCAR-compliant digital asset service providers (CASPs) if they wish to continue their operations in the country.
Regulatory change moves Italy towards a unified set of rules for crypto in Europe
Virtual asset service providers (VASPs) that apply for a license before December 30 – whether in Italy or another EU member state – will be allowed to continue serving their customers while their cases are reviewed by regulators. This temporary period will end once the application is approved or rejected, no later than June 30, 2026.
Previously, the current system in Italy was limited to the registration of VASPs within the National Register of Brokers and Agents (OAM). Under the MiCAR law, service providers will have to obtain prior authorization from the regulator, after which they will be subject to ongoing monitoring, in line with broader European efforts to adopt stricter measures after a series of collapses of trading platforms and digital currencies around the world.
To support an orderly and transparent transition, Consob has published a detailed opinion which corresponds to the guidance published on the same day by the European Securities and Markets Authority (ESMA). The document explains what individual users should do as the deadline approaches and what service providers should keep in mind if they decide to apply for a license or close their business.
Regulators are asking users to check the status of virtual asset service providers (VASPs) before the deadline.
For investors, regulators have confirmed that some currently operating virtual asset service providers (VASPs) may not be allowed to continue operations after December 30, explaining the need for customers to check whether they have received clear information from their service provider about its future plans. If not, they should ask for an explanation of how this complies with the new framework.
Consob also advised users to verify that the company is authorized to legally operate in Italy after the deadline, either by checking the list of virtual asset service providers (VASP) with the national register of brokers and agents (OAM) or the European Securities and Markets Authority (ESMA) register of compliant digital asset service providers (CASP). If the provider does not operate legally, it cannot continue to provide digital asset services and customers have the right to request a refund of their funds or coins.
As for service providers, Consob recalled that it had previously issued guidance through meetings and public communications, including a first notice in September 2024 with initial instructions for companies and another in July 2025 when the national transition period was extended until June 30, 2026. It also sent a particular warning on October 31, 2025 to virtual asset service providers. (VASP) that are on the OAM list and have not yet obtained a MiCAR license.
Additionally, the regulator said that virtual asset service providers (VASPs) that choose not to apply for a license as digital asset service providers (CASP) must cease operations in Italy by December 30, 2025 and terminate existing contracts, and must return digital assets and associated funds to clients in accordance with clients’ instructions, terminating all services, including custody and management.
In the case of virtual asset service providers (VASPs) that remain on the OAM register, they are required to publish clear information on their websites and directly inform customers of the actions they intend to take, whether that be applying for a MiCAR license or exiting the market in an orderly manner.
The Italian article requires crypto service providers to obtain a license under the European Crypto Assets Regulation (MiCAR) Act by December 30 or exit the market appeared first on Cryptonews Arabic.
