Italy requires crypto companies to transition to MiCAR immediately

Key points:

• Italy requires crypto companies to obtain MiCAR authorization by December 30 or cease operations.
• Users are advised to check whether their provider complies with the new requirements.
• Companies that do not plan to switch to MiCAR must close their contracts and return funds to their customers.

The Italian securities market regulator has demanded that crypto companies either obtain authorization under the new European MiCAR regime or cease operations in the country by December 30. This has increased pressure on exchanges and brokers that serve local users.

Consob has urged investors and operators to be particularly vigilant before the end of the transition period for crypto market regulation in the EU. The new rules change the way virtual asset providers operate, including trading and custody services for retail clients.

Currently, companies can operate as virtual asset service providers (VASPs) if they are registered with the OAM. However, after December 30, 2025, they will need to comply with MiCAR requirements and obtain crypto asset service provider (CASP) status if they plan to continue operating.

Transition to uniform European rules

VASPs that have applied for authorization in Italy or another EU country before December 30 will be able to temporarily serve customers while their applications are being reviewed. This period will end after the regulator’s decision, but no later than June 30, 2026.

MiCAR introduces preliminary licensing and ongoing supervision, which is in line with the EU’s desire to tighten controls after a series of major disruptions in the crypto market. To ensure a transparent transition, Consob has published a detailed notice explaining the steps for users and companies.

Companies that do not plan to obtain CASP status must cease operations in Italy by December 30, 2025, and close their contracts, returning funds and crypto assets to their clients. Those who remain in the OAM register are required to post clear information about their next steps on their websites and notify their clients directly.