Italy’s market regulator, Consob, has issued a fresh alert to crypto investors and service providers as the countdown to full MiCAR implementation enters its final stretch. The regulator emphasised that December 30, 2025, marks the last day Virtual Asset Service Providers can operate in the country without authorisation under the new European Markets in Crypto-Assets Regulation. After that date, only registered and approved entities will be allowed to provide crypto-related services within Italy.
MiCAR, the European Union’s landmark regulatory framework for digital assets, aims to bring clarity, stronger consumer protection, and uniform standards across member states. As the transition period narrows, Consob is urging both investors and operators to prepare for a stricter regulatory environment that will reshape how crypto platforms function across the region.
Consob encouraged investors to immediately verify whether the platforms they use intend to remain active in Italy after the deadline. Users can check the Organismo Agenti e Mediatori register, which lists VASPs currently recognised in Italy, or consult ESMA’s directory of approved Crypto-Asset Service Providers. The regulator noted that investors should not delay in asking platforms about their compliance plans. Where a provider has no intention of obtaining MiCAR authorisation, users are advised to withdraw their funds and digital assets early, as leaving them on an unapproved platform carries heightened risk.
The warning is particularly significant for VASPs that have yet to take steps toward compliance. Consob reminded operators that those who do not file for MiCAR authorisation must fully wind down their services by December 30, 2025. This includes closing customer accounts, returning all funds and crypto-assets, and ending any custody or administrative services. Platforms that plan to stay in the market should communicate their timelines and procedures clearly to users to ensure an orderly transition.
For firms submitting authorisation requests before the deadline, there will be additional time. These platforms may continue operating until June 30, 2026, or until their application is officially approved or rejected—whichever comes first. Consob noted that it has spent the past year issuing notices and guidance—spanning from September 2024 to October 2025—to ensure operators understand their obligations well ahead of time.
The regulator’s latest reminder highlights the broader shift underway across the European Union, as member states synchronise their adoption of MiCAR to strengthen investor safeguards and eliminate regulatory inconsistencies. However, this transition could pressure smaller or less-prepared platforms, many of which may struggle with the costs and requirements of authorisation. Their potential exit from the market may reduce service options for Italian crypto users, making it even more essential for investors to closely monitor which platforms intend to remain compliant.
With the deadline approaching, Consob’s message is clear: both investors and service providers must take proactive steps. Verifying a platform’s regulatory status and ensuring that assets are held within compliant institutions may be key to avoiding disruptions as Italy fully adopts MiCAR’s new rules.
