Italy’s securities regulator set a agency timetable for making use of the European Union’s Markets in Crypto-Belongings Regulation (MiCA) within the nation, warning that unlicensed crypto platforms face a deadline to both search authorization or depart the market.
The transfer immediately impacts digital asset service suppliers (VASPs) at the moment working below Italy’s regime and the retail buyers who use them.
In a information launch published Thursday, Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) reminded the market that Dec. 30 is the final day VASPs registered with the Organismo Agenti e Mediatori (OAM) can function below the prevailing nationwide framework.
After that date, solely entities licensed as crypto asset service suppliers (CASPs) below MiCA, together with corporations passporting into Italy from one other EU member state, will likely be allowed to supply crypto‑asset companies within the nation.
CONSOB notes that, below Italy’s MiCA‑implementing laws, VASPs that submit an utility to be licensed as CASPs in Italy or one other European Union member state by Dec. 30 might proceed working whereas their functions are assessed, however no later than June 30, 2026.
This transitional working interval is accessible solely to operators who file by the deadline and ends as soon as authorization is granted or refused, or when the June 30, 2026, restrict is reached.
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Obligations for corporations that don’t apply
For VASPs that determine to not search authorization below MiCA, CONSOB outlined particular obligations. These operators should stop their actions in Italy by Dec. 30, terminate present contracts, and return shoppers’ crypto‑belongings and funds in accordance with clients’ directions.
CONSOB additionally mentioned that VASPs registered within the OAM record should publish enough info on their web sites and inform shoppers immediately concerning the measures they intend to undertake, both to adjust to MiCA or to make sure an orderly closure of present relationships.
This framework stems from Italy’s legislative decree implementing MiCA, which launched a transitional regime for present VASPs and set the situations below which they’ll proceed working whereas shifting to the brand new CASP authorization system. The decree makes use of the pliability allowed by MiCA’s transitional provisions to set nationwide deadlines, together with the June 30, 2026 date referred to in CONSOB’s communication.
Warnings to retail buyers
CONSOB’s information launch features a separate part titled “warnings for buyers.”
The regulator factors out that VASPs at the moment working in Italy might not be licensed to take action after Dec. 30, and stresses that buyers ought to examine whether or not they have obtained the mandatory info from their supplier on its plans to adjust to MiCA.
If not, CONSOB advises buyers to ask the operator for clarification or request the return of their funds.
EU‑degree context below MiCA
CONSOB’s communication sits throughout the wider EU framework for MiCA’s utility and transitional measures. On the identical day, the European Securities and Markets Authority (ESMA) published an announcement on the top of MiCA transitional durations, highlighting that member states can present non permanent continuation of present licenses for present suppliers, however these durations are restricted and can expire.
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The ESMA’s assertion explains that corporations working below nationwide transitional regimes should not robotically MiCA‑licensed and emphasizes the necessity for “orderly wind-down plans” the place suppliers don’t get hold of authorization earlier than transitional durations finish.
Italy’s laborious cease for functions and continued operation reveals how member states are utilizing the discretion MiCA provides them over transitional regimes. The Italian transitional interval now has outlined finish‑factors, and continued exercise available in the market would require MiCA‑compliant authorization.
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