The Italian Securities Commission (Consob) has published investor warnings and an operational reminder to crypto-asset firms ahead of the 30 December 2025 deadline in the transitional period for adapting to the EU Markets in Crypto-Assets Regulation (MiCAR). Consob highlighted that Virtual Asset Service Providers (VASPs) registered with Italy’s Organismo Agenti e Mediatori (OAM) can operate only until that date unless they submit an application to be authorised as a crypto-asset service provider (CASP). Under the arrangements described, 30 December 2025 is the last day OAM-registered VASPs may continue operating; they may continue beyond that date only if an authorisation application (including at group level) is submitted by 30 December to operate as a CASP in Italy or another EU Member State, allowing activity to continue until authorisation is granted or refused and in any case no later than 30 June 2026. Consob noted that the current Italian VASP regime is based on registration only, while CASPs require prior authorisation from supervisory authorities and are subject to ongoing supervision. For investors, Consob recommended checking the operator’s MiCAR plans and verifying whether the provider is entitled to offer services in Italy after 30 December by consulting the OAM VASP list or the ESMA register of authorised CASPs; if the operator is not entitled, the investor can request the return of funds or crypto-assets. For VASPs that do not intend to apply for CASP authorisation, Consob set out expectations to cease operations in Italy by 30 December 2025, wind down existing contracts, return clients’ crypto-assets and funds in line with client instructions, and stop all services including custody and administration. OAM-registered VASPs are also expected to publish on their websites and provide clients with adequate information on their MiCAR compliance plans or, alternatively, their orderly wind-down measures.

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