Italy Sets MiCA Deadlines for Crypto Firms to Comply or Exit

Italian financial market regulator Consob has set clear deadlines for crypto firms transitioning from Italy’s VASP regime to the MiCA framework:

VASPs on the OAM register since 2024 can operate under old rules until June 30, 2025.
Firms must file a CASP application by December 30, 2025, to continue serving Italian clients.
Failure to apply means operations must cease by June 30, 2026, and funds returned to users.

“VASPs that do not apply for authorization as CASPs by the deadline must cease operations and return funds to customers.”

Recommendations for retail users include verifying provider status on the OAM VASP list or ESMA CASP register before year-end and ensuring platforms have a compliance plan for MiCA.

Legal analysis highlights that Italy has chosen a stricter national approach by limiting reliance on pre‑MiCA grandfathering. Global exchanges face MiCA adaptations across the EU, while mid-tier brokers using Italy's VASP regime confront higher compliance requirements or wind-downs.

For institutions, MiCA now demands execution rather than policy planning, with a focus on derisking counterparty exposure. Mid-sized offshore exchanges without EU licenses face decisions between complying with MiCA or ceasing operations, impacting regulatory risks and client asset management after June 30, 2026.