Italy Orders Crypto Firms to Seek MiCAR Approval by 2025

• Italy sets Dec. 30, 2025, as the MiCAR licensing deadline for crypto providers operating.
• Firms applying by the deadline may keep serving clients during review, until June 30, 2026.
• Non-applicants must shut down in Italy, end custody services, and return client assets.

Italy’s securities regulator Consob has issued a firm instruction to crypto providers. Firms must seek authorization under the EU’s MiCAR rules by Dec. 30, 2025, or end their Italian operations. The warning targets exchanges, brokers, and other crypto service businesses active with local users. Consob told both companies and investors to act with “maximum attention” as the deadline approaches.

The notice is tied to the EU’s Markets in Crypto-Assets Regulation, known as MiCAR. Consob said the regime would know how crypto services are delivered across the bloc. It affects how firms offer trading and custody to retail clients. It also tightens standards for how services are promoted and managed.

OAM VASP Access Ends, MiCAR CASP Licensing Begins

Italy currently allows Virtual Asset Service Providers, or VASPs, to operate if they are registered with the OAM registry. Consob said that permission lasts only until Dec. 30, 2025. After that, remaining active requires moving toward the MiCAR model. Under MiCAR, authorized firms are called Crypto-Asset Service Providers, or CASPs.

Consob said the crucial step is filing a license application by Dec. 30, 2025. The application could be submitted in Italy or in another EU member state. Firms that apply by the deadline may continue to serve customers while the file is reviewed. That temporary status ends once a decision is issued, and it cannot run beyond June 30, 2026.

The regulator highlighted the shift in oversight. Under the current Italian approach, registration with OAM is the core requirement. Under MiCAR, firms must obtain prior authorization from a supervising authority. They then face continuing supervision. Consob said the change aligns Italy with the broader EU rulebook.

Consob released its guidance to limit confusion during the handover. It said the document matches a notice published on the same day by the European Securities and Markets Authority, ESMA. The regulator said the guidance outlines steps for retail clients as the end date nears. It also lists what operators must prepare if they plan to license or close.

Related: France, Italy Push for ESMA Control, Malta Opposes Changes

Consob Urges Checks as Non-Compliant Crypto Firms Exit Italy

For investors, Consob warned that some providers operating now may lose the right to serve Italy after Dec. 30, 2025. It urged clients to check whether their platform has explained its next move. If no clear message has been received, Consob advises users to request one. The focus is on whether the provider intends to comply with MiCAR.

Consob also pointed customers to official checks. It said users could consult the OAM list for VASP registration. They could also consult the ESMA register for MiCAR-authorized CASPs. If a firm is not legitimate after the deadline, it cannot offer crypto-asset services to the public. Consob said clients could then demand the return of their funds or tokens.

The regulator said it has been communicating with the sector for more than a year. It cited meetings and public notices, including a September 2024 notice with early directions. It also referred to a July 2025 notice issued after the Italian transition timetable was extended. Consob added that it sent a targeted alert on Oct. 31, 2025, to OAM-listed VASPs that still lacked MiCAR authorization.

Consob described the exit path for firms that would not apply. It said those businesses must stop operating in Italy by Dec. 30, 2025. They must close contracts and end services, including custody and administration. They must also return crypto-assets and related client funds, following customer instructions.

Consob also addressed communications to customers. It said VASPs that stay on the OAM register must post clear website updates. They must also send direct messages to clients. Those notices must explain whether the firm plans to apply under MiCAR or leave the Italian market.