Italy’s financial markets regulator, Consob, has set firm deadlines for cryptocurrency service providers operating in the country, requiring firms to secure authorization under the EU’s Markets in Crypto-Assets Regulation (MiCA) or exit the market. The move ends Italy’s lighter registration regime and ushers in a stricter, license-based framework aimed at investor protection and market integrity.
Key deadlines for crypto platforms
- December 30, 2025: Consob says virtual asset service providers (VASPs) that do not intend to seek authorization as crypto-asset service providers (CASPs) under MiCA must cease operations in Italy by this date, close existing contracts, and return crypto-assets and related funds to customers.
- June 30, 2026: According to the regulator, a firm that misses the filing date for authorization must stop Italian operations by this date and return client assets.
From registration to authorization
The reminder confirms that Italy’s previous registration model will no longer suffice. To continue serving Italian users, firms must obtain MiCA authorization and demonstrate robust governance, transparency, and internal controls. MiCA introduces stricter oversight across custody, trading, reporting, and other operational standards, aligning Italy’s approach with broader EU policy.
Orderly exits and investor safeguards
Consob emphasized that operators choosing not to pursue MiCA authorization must follow orderly exit procedures. This includes terminating existing contracts, returning customer assets, and publishing clear notices to clients. The regulator frames the transition as necessary to build a more accountable and resilient market structure.
Broader policy backdrop
The notice comes as many exchanges, wallet providers, token issuers, and custodians work to meet MiCA’s requirements. Separately, Italy’s Economy Ministry has ordered an in-depth review of safeguards against cryptocurrency risks, a move acknowledged by the Bank of Italy and other financial regulators. Together, the measures mark a supervised phase for crypto activity in Italy that mirrors the EU’s tightening regulatory standards.