Italy warns crypto firms to meet year-end MiCA deadline or shut down

Italy's financial regulator, Consob, has reminded crypto operators that they must comply with the EU's Markets in Crypto-Assets Regulation (MiCA) framework by the December 30 deadline. Currently registered Virtual Asset Service Providers (VASPs) can only continue operating until December 30, 2025, if they apply to become licensed Crypto-Asset Service Providers (CASPs) in Italy or another EU state. Firms applying by the deadline can operate until their authorization is approved or rejected, but no later than June 30, 2026. Those not seeking MiCA authorization must cease all operations in Italy by December 30, terminate contracts, and return customer assets. This warning aligns with a statement from the European Securities and Markets Authority (ESMA). Separately, Italy's Committee for Macroprudential Policies noted rising vulnerabilities linked to crypto assets due to growing financial system interconnections, prompting the Ministry of Economy and Finance to review safeguards for retail investors' crypto exposure.

(Source：The Block)