Announcement from Consob on MiCAR Regulation
The Italian financial regulatory authority, known as Consob, has released a crucial announcement concerning the new Markets in Crypto-Assets Regulation (MiCAR) recently adopted by the European Union.
Transition to Regulated Crypto Asset Service Providers
According to the directive, all Virtual Asset Service Providers (VASPs) that are currently registered with Italy’s OAM must transition to regulated Crypto Asset Service Providers (CASPs) by a deadline of December 30, 2025, in order to maintain their operations within the legal framework. Failure to meet this deadline will result in an automatic halt of their services by June 30, 2026.
Investor Guidance
Investors are advised to scrutinize whether their existing VASP is undergoing the application process for a CASP license. They should also confirm if their service provider appears in the registries maintained by the European Securities and Markets Authority (ESMA) or OAM. If a VASP is found to be unlicensed, investors are entitled to reclaim their funds.
Winding Down Operations
In addition, Consob is reminding VASPs that opt not to pursue CASP authorization to wind down their operations by December 30. This entails closing all existing contracts and returning all user funds responsibly. Furthermore, these providers are expected to transparently communicate their operational plans or exit strategies to their users in a clear manner.
Broader Initiative for Investor Protection
This directive is part of a broader initiative aimed at ensuring a seamless and organized implementation of MiCAR across the European Union, enhancing investor protection and regulatory compliance in the burgeoning crypto market.
