CONSOB requires VASPs to secure authorization or exit the Italian market by Dec. 30 as the EU’s crypto rulebook takes full effect
Italy’s financial markets regulator has issued a strict national timetable for the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA), placing virtual asset service providers under mounting pressure to seek approval or suspend operations. The move marks one of the clearest national enforcement steps since MiCA began rolling out across the EU.
Italy Imposes Hard Dec. 30 Authorization Deadline
CONSOB confirmed that Dec. 30 is the final day VASPs registered under the current Italian regime may operate without MiCA authorization. After that point, only MiCA-authorized crypto-asset service providers—including those passporting from other EU jurisdictions—will be allowed to serve clients in Italy.
Under Italy’s implementation decree, VASPs that submit a CASP application by the deadline may continue operating during assessment, but the transitional window ends no later than June 30, 2026. This period closes earlier if authorization is granted or rejected.
CONSOB stressed that this continuation applies only to firms that file by Dec. 30, setting one of the firmest national cutoffs in the EU.
Requirements for Firms That Do Not Apply
VASPs choosing not to transition must halt all activities in Italy by Dec. 30, terminate customer contracts, and return client assets and funds according to user instructions. They must also publish clear disclosures on their websites and directly inform clients of their exit or compliance plan, ensuring an orderly wind-down.
CONSOB urged retail users to verify whether their providers have communicated a MiCA compliance plan. If not, investors are advised to request clarification or seek the return of their funds. The regulator emphasized that many firms currently operating may not be authorized after the deadline.
The announcement aligns with guidance from ESMA, which reminded member states that transitional permissions are finite and that firms operating under national regimes are not automatically MiCA-compliant. ESMA called for orderly wind-down plans for providers unable to secure authorization.
Italy’s approach demonstrates how member states are using MiCA’s flexibility to set their own transition endpoints, confirming that continued access to the Italian crypto market will require full MiCA authorization.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.