Italian regulators warn that the MiCAR regulatory transition period is approaching, and VASPs need to transform into CASPs to continue operations

The Italian Securities Market Regulator (Consob) issued a notice reminding that, according to the EU Regulation on Markets in Crypto-Assets (MiCAR), virtual asset service providers (VASP) currently registered with the OAM in Italy must submit an application to transition to a regulated crypto asset service provider (CASP) by December 30, 2025, in order to continue operating. Otherwise, they will not be allowed to provide related services from that date, and must cease operations by June 30, 2026, at the latest.

Consob specifically reminds investors: it is essential to confirm whether the VASP currently partnered with plans to apply for a CASP license; check if the service provider is listed in the ESMA (European Securities and Markets Authority) or OAM registry; if the service provider is not authorized, investors have the right to request the return of their assets. Consob also reiterates its urging to VASP: those who have not applied for CASP authorization must cease operations by December 30, close all contracts, and return user funds; clearly disclose future operational plans or exit arrangements to users. This notice is part of the comprehensive implementation of MiCAR in the EU, ensuring a smooth and orderly transition in the market.