The Italian financial regulator, Consob, is sounding the alarm for digital asset investors as the country approaches the implementation deadline for new MiCAR regulations. As the fintech landscape evolves, non-compliant Virtual Asset Service Providers (VASPs) face an ultimatum to either secure necessary approvals or exit the market by December 30, 2025. This significant measure comes in response to the European Union’s overarching regulatory framework for crypto-assets.
Regulatory Reform and Compliance Deadline
In a press release issued yesterday, Consob urged VASPs to obtain the necessary CASP approval or cease operations by the approaching deadline. The regulator emphasized that after December 30, 2025, existing providers operating under previous regulations will no longer be permitted to offer their services without full certification. Any VASPs remaining in Italy must comply with the European Market in Crypto-Assets Regulation (MiCAR), or they will face potential bans.
The announcement highlights that December 30, 2025, marks the last opportunity for VASPs currently registered with the Organismo Agenti e Mediatori (OAM) to operate under the existing framework.
Changes Under MiCAR
The introduction of MiCAR imposes stricter requirements on VASPs, transitioning from a largely self-regulated environment to one that necessitates a full certification as a Crypto-Asset Service Provider (CASP) to operate within the European Union. This certification process will include operational checks, customer protection requirements, and supervisory oversight, marking a significant shift from previous standards.
Consob has made it clear that only VASPs that have applied for CASP certification in Italy or any EU Member State before the deadline will be permitted to continue their operations. Providers submitting applications before December 30 can maintain their services until a final decision is reached, but all entities must comply with MiCAR regulations by June 30, 2026.
Implications for Investors
In light of these regulatory changes, Consob has urged cryptocurrency users to verify whether their chosen service providers plan to comply with the new regulations. Investors should closely monitor two main aspects: whether operators have published their MiCAR transition plans and their regulatory status following the deadline.
If VASPs fail to apply for or obtain the necessary approval, they will no longer be able to operate in Italy past the December 30 deadline. Investors will have the right to request the return of their assets in such cases. Furthermore, Consob has repeatedly warned operators during this transitional phase, highlighting updates from September, July 2025, and notices for companies still holding only the OAM certificate.
While some operators perceive MiCAR as a pathway to regulated and international operations, others view the new regulations as a hindrance. Consequently, digital asset investors must remain vigilant, ensuring they check the regulatory status of their providers and act promptly to avoid last-minute withdrawals or operational disruptions due to the new MiCAR regulations.
