- Consob has issued a December 30 ultimatum for VASPs to, at a minimum, apply for the MiCAR license.
- Applicants may continue to operate until June 30, 2026, pending approval.
- Investors are advised to confirm VASP’s licensing status before patronizing them.
Italy’s Consob, the country’s national authority for regulating financial markets, has issued an ultimatum to Virtual Assets Service Providers (VASPs), mandating them to apply for the MiCAR license before the December 30, 2025, deadline.
A Sacroscant Regulatory Deadline
According to its latest press release, the regulator has urged cryptocurrency investors and operators to pay close attention to the specified deadline and initiate, at a minimum, a MiCAR registration process. That would allow companies already offering digital asset services to continue operating, pending the approval of their application.
Related: Decoding MiCAR: A Comprehensive Guide to the EU’s New Crypto Asset Rules
In the meantime, companies operating under the condition of pending approvals will do so until the license is granted or refused, and in any case, no later than June 30, 2026. It is worth noting that Italy’s current regulatory regime requires VASPs only to be registered with the Organismo Agenti e Mediatori, or Agents and Brokers Organisation (OAM). However, Crypto-asset Service Providers (CASPs) require additional authorisation from the Supervisory Authorities and are subject to their supervision.
Conditions for Investors and Operators
Considering the latest operational conditions, Consob has advised investors to ensure that they receive the necessary information from the VASPs with which they are invested, including asking for clarifications on the operator’s plans to comply with the new regulations. They must also ascertain that the operators are authorized to provide services in Italy after December 30.
Meanwhile, the regulator has reminded VASPs that are not willing to apply for authorisation as CASPs under MiCAR to cease operations in Italy by the set deadline and terminate any existing contract. Such entities are also obligated to return crypto assets and funds to their customers in line with their instructions.
Additionally, Consob has instructed non-compliant entities to discontinue all services provided, including the custody and administration of digital assets. In the meantime, VASPs registered in the OAM register are required to publish on their website and provide customers with adequate information on the plans to either comply with the requirements or terminate their operations.
Related: Bank of Italy to Release New Crypto Asset Guidelines Amid EU Regulatory Changes
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
