Italy mandates the exit of non-compliant VASPs as MiCAR regulations take effect.

The Italian financial regulator, Consob, has issued a critical warning to digital asset investors and operators as the country approaches the implementation of the MiCAR regulations. All Virtual Asset Service Providers (VASPs) must secure approval by December 30, 2025, or cease operations. This ultimatum comes as the deadline for transitioning to new policies looms.

Deadline Approaches for VASPs in Italy

• Consob calls on VASPs to obtain CASP approval or shut down before the December 30, 2025 deadline.
• The regulator highlights that non-compliant operators will have to suspend their services and return user assets.

In a recent press release, Consob warned that VASPs currently operating under the existing regulatory framework will need full approval to continue functioning beyond this date. The agency emphasized the importance of adhering to the new European MiCAR regulation, which requires all VASPs in Italy to comply or exit the market.

“December 30, 2025, is the last day when Virtual Asset Service Providers (VASPs) registered with OAM (the Organismo Agenti e Mediatori) can continue to operate without full approval,” the press release stated.

MiCAR Reshapes Italy’s Regulatory Landscape

The new MiCAR regulations introduce more stringent measures, mandating that only fully authorized Crypto Asset Service Providers (CASPs) may operate within the European Union. This is a significant shift from previous requirements, as it involves operational checks, customer protection mandates, and enhanced supervisory oversight.

To continue operations uninterrupted, all VASPs must seek CASP certification either in Italy or in another EU member state before the December deadline. If they submit their applications on time, these entities may continue to offer services until a final decision is made, but they must fully comply with MiCAR by June 30, 2026.

What’s Next for Investors?

Consob has urged both operators and cryptocurrency users to stay vigilant. Investors are encouraged to verify if their chosen service providers are making the necessary adjustments to meet the new rules.

There are two critical aspects that investors should monitor:

First, they should check whether the operator has publicly announced its MiCAR transition plans. Secondly, they need to confirm the regulatory status of the provider after the deadline, as non-compliant VASPs will be unable to operate in Italy post-December 30. Clients will be entitled to request the return of their assets under these circumstances.

Moreover, Consob has reiterated its warnings to operators during this transitional phase, underscoring updates issued last September and in July 2025, as well as an advisory sent on October 31 to businesses holding only the OAM certification.

While some operators view MiCAR as a pathway toward regulated and international operations, others regard the new regulations as a barrier to entry. Consequently, digital asset investors must remain alert, verify their providers’ compliance status, and act promptly to avoid being sidelined or facing last-minute withdrawal situations due to the new MiCAR regulations.