The harmonization process for the European Union's cryptocurrency rules, MiCA, which came into force in June after much debate last year, is nearing completion.
At this point, Italy’s financial regulator Consob warned investors and Virtual Asset Service Providers (VASPs) that the MİCA transition period will end on December 30, 2025.
According to The Block, virtual asset service providers (VASPs) currently registered in the country will only be able to continue operating until December 30, 2025, unless they apply to become licensed crypto asset service providers (CASPs) in Italy or another EU member state.
Cryptocurrency companies that apply by December 30, 2025 will be able to continue their operations until their applications are approved or rejected, but finally until June 30, 2026.
If crypto firms do not apply to become CASPs, they will be required to cease operations in Italy and return client funds and crypto assets.
The EU Cryptoasset Markets Regulation (MiCA) aims to make markets safer and more transparent by establishing a framework for regulating cryptocurrencies across the European Union.
A report released in July stated that 53 cryptocurrency companies were licensed within the European Union within the scope of MİCA rules and in line with crypto regulations.
*This is not investment advice.
