Italy’s securities regulator has set a firm timetable for how EU markets in crypto assets (MICA) will be implemented in the country, warning that unlicensed crypto platforms face tough deadlines to get permission or leave the market.
The move directly affects Virtual Asset Services Providers (VASPS) that currently operate under the Italian government and retail investors who use them.
In a press release published on December 4, 2025, Italy’s Commission Nazionale per le Société e la Bursa (Consob) reminded the market that December 30, 2025, is the last day that biological agents registered with the Mediatio (OAM) can operate under the current national framework.
After that date, only entities authorized as crypto-asset service providers (CASPs) under MICA, including firms moving to Italy from another EU member state, will be allowed to offer crypto-asset services in the country.
Consab notes that, under Italy’s MACA-enforcing legislation, VASPs who submit an application for authorization as CASPs in Italy or another EU member state by 30 December are assessed for their application, and in any case, no later than 30 June 2026.
This interim operating period is only available to operators who file by the deadline and ends once a permit is granted or denied, or when the June 30, 2026, threshold is reached.
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Obligations for firms that do not apply
For VASPs who decide not to seek authorization under MICA, it outlines specific responsibilities. These operators must end their activities in Italy by December 30, 2025, terminate existing contracts, and return client crypto-assets and funds in accordance with customer instructions.
Konsob also stated that VASPS registered on the OAM list must publish appropriate information on their websites and directly inform clients of the steps they intend to adopt, either to ensure compliance with MICA or to orderly close existing relationships.
This framework stems from Italy’s legislative decree implementing MICA, which introduced a transitional regime for existing VASPs and set out the conditions under which they could continue to operate while transitioning to the new CASP authorization system. The decree uses the flexibility allowed by MICA’s transitional provisions to set national deadlines, including the June 30, 2026 date referenced in Cobb’s communication.
Warnings to retail investors
Consob’s press release includes a separate section titled “Warnings to Investors.”
The regulator has stated that VASPs currently operating in Italy cannot be authorized to do so after 30 December 2025, and has stressed that investors should check whether they have received the necessary information from their supplier on their plans to comply with MICA.
If not, Konsob advises investors to seek an explanation from the operator or request a refund of their funds.
EU – level context under MICA
CONSOB’s communication sits within the wider EU framework for the application of MICA and transitional measures. On the same day, the European Securities and Markets Authority (ESMA) published a statement on the end of the MICA transitional periods, highlighting that Member States can provide for the temporary continuation of existing licenses for existing providers, but that these periods are limited and will expire.
Related: The EU plan will boost ESMA powers in crypto and capital markets
ESMA’s statement noted that firms operating under national transitional regimes are not automatically MICA—emphasizing the need for “regulated wind-down schemes” where providers do not obtain authorization before the end of transitional periods.
Italy’s hard freeze on applications and continued operation shows how member states are using MICA more discretionary than interim governments. The Italian transitional period has now defined the endpoints, and continued activity in the market will require Mica-compliant authorization.
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