Italian regulator warns that as the MiCAR regulatory transition period approaches, VASPs must transform into CASPs to continue operations

ChainCatcher news, the Italian securities market regulator (Consob) has issued an announcement reminding that, according to the EU's Markets in Crypto-Assets Regulation (MiCAR), currently registered Virtual Asset Service Providers (VASP) with Italy's OAM must submit an application to transition into a regulated Crypto-Asset Service Provider (CASP) by December 30, 2025, if they wish to continue operations. Otherwise, from that date, they will no longer be allowed to provide related services, and must cease operations no later than June 30, 2026.

Consob specifically reminds investors: you must confirm whether your current cooperating VASP plans to apply for a CASP license; check whether the provider is listed in the ESMA (European Securities and Markets Authority) or OAM registries; if the provider is not authorized, investors have the right to request the return of their assets. Consob also reiterates to VASPs: those who do not apply for CASP authorization must terminate operations by December 30, close all contracts, and return user funds; clearly disclose future operational plans or exit arrangements to users. This announcement is made to support the comprehensive implementation of MiCAR in the EU and to ensure a smooth and orderly market transition.