Italy’s securities regulator has set a firm timetable for how the European Union’s Markets in Crypto-Assets Regulation (MiCA) will apply in the country, warning that unlicensed crypto platforms face a hard deadline to either seek authorization or leave the market.

The move directly affects virtual asset service providers (VASPs) currently operating under Italy’s regime and the retail investors who use them.​

In a press release published Dec. 4, 2025, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) reminded the market that Dec. 30, 2025, is the last day VASPs registered with the Organismo Agenti e Mediatori (OAM) can operate under the existing national framework.

After that date, only entities authorized as crypto asset service providers (CASPs) under MiCA, including firms passporting into Italy from another EU member state, will be allowed to offer crypto‑asset services in the country.​

CONSOB notes that, under Italy’s MiCA‑implementing legislation, VASPs that submit an application to be authorized as CASPs in Italy or another European Union member state by Dec. 30 may continue operating while their application is assessed, and in any case, no later than June 30, 2026.

This transitional operating period is available only to operators who file by the deadline and ends once authorization is granted or refused, or when the June 30, 2026, limit is reached.​

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Obligations for firms that do not apply

For VASPs that decide not to seek authorization under MiCA, CONSOB outlined specific obligations. These operators must cease their activities in Italy by Dec. 30, 2025, terminate existing contracts, and return clients’ crypto‑assets and funds in accordance with customers’ instructions.

CONSOB also stated that VASPs registered in the OAM list must publish adequate information on their websites and inform clients directly about the measures they intend to adopt, either to comply with MiCA or to ensure an orderly closure of existing relationships.

This framework stems from Italy’s legislative decree implementing MiCA, which introduced a transitional regime for existing VASPs and set the conditions under which they can continue operating while moving to the new CASP authorization system. The decree makes use of the flexibility allowed by MiCA’s transitional provisions to set national deadlines, including the June 30, 2026 date referred to in CONSOB’s communication.​

Warnings to retail investors

CONSOB’s press release includes a separate section titled “warnings for investors.”

The regulator points out that VASPs currently operating in Italy may no longer be authorized to do so after Dec. 30, 2025, and stresses that investors should check whether they have received the necessary information from their provider on its plans to comply with MiCA.

If not, CONSOB advises investors to ask the operator for clarification or request the return of their funds.

EU‑level context under MiCA

CONSOB’s communication sits within the wider EU framework for MiCA’s application and transitional measures. On the same day, the European Securities and Markets Authority (ESMA) published a statement on the end of MiCA transitional periods, highlighting that member states can provide temporary continuation of existing licences for existing providers, but that these periods are limited and will expire.

Related: EU plan would boost ESMA powers over crypto and capital markets

The ESMA’s statement explains that firms operating under national transitional regimes are not automatically MiCA‑authorized and emphasizes the need for “orderly wind-down plans” where providers do not obtain authorization before transitional periods end.​

Italy’s hard stop for applications and continued operation shows how member states are using the discretion MiCA gives them over transitional regimes. The Italian transitional period now has defined end‑points, and continued activity in the market will require MiCA‑compliant authorization.

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