TL;DR
- The Italian regulator Consob reminded firms of the December 30, 2025, deadline for MiCA compliance.
- Unauthorized firms that do not apply for a MiCA license must cease operations in Italy by that date.
- The Macroprudential Policies Committee warned about increasing risks associated with crypto-assets in the financial system.
Currently, the regulatory landscape for crypto companies in Italy is becoming complicated. The country’s financial watchdog, the Commissione Nazionale per le Società e la Borsa (Consob), reminded cryptocurrency operators and investors of the December 30, 2025, deadline for MiCA compliance, with the European Union’s Markets in Crypto-Assets regulatory framework.
In its statement, Consob highlighted that, under the transitional rules of the required regulation, Virtual Asset Service Providers (VASPs) registered in the country will only be allowed to operate until the deadline, unless they submit a formal application to become licensed Crypto-Asset Service Providers (CASPs) in Italy or another EU member state.
Crypto firms that submit their applications within the established time frame have a grace period allowing them to continue operating while their authorization is being evaluated, but they must receive a response before June 30, 2026.
The watchdog was explicit with firms that do not intend to seek MiCA authorization: they must cease their operations in Italy before December 30, 2025, terminate existing contracts, and return assets to customers.
Italy’s current regime only requires VASPs to register with the OAM (Body of Agents and Brokers). In contrast, the new MiCA regulation requires CASPs to obtain full authorization from supervisory authorities, subjecting them to continuous oversight and much more rigorous standards.
The reminder from the financial watchdog Consob aligns with a similar statement from the European Securities and Markets Authority (ESMA), which is coordinating the transition at the EU level.
Macroprudential Concerns Rise Over Crypto-Asset Exposure
In addition to the regulatory pressure on crypto firms for MiCA compliance, Italy’s Committee for Macroprudential Policies, comprising the Bank of Italy, Consob, IVASS, COVIP, and the Treasury, met in Rome to review financial stability risks.
While members considered that the country’s economic conditions are favorable, they warned that vulnerabilities linked to crypto-assets could be increasing. The concern is due to the “growing interconnections with the traditional financial system” and uneven global regulation.
In reference to these issues, the Ministry of Economy and Finance announced the launch of an in-depth review of safeguards for retail investors’ direct and indirect exposure to crypto-assets. This analysis clarifies Italy’s cautious stance as it moves toward a fully regulated crypto-asset market environment under the MiCA umbrella.
