PANews reported on December 5th that the Italian Securities and Markets Authority (Consob) issued a notice reminding businesses that, according to the EU's Crypto Asset Markets Regulation (MiCAR), Virtual Asset Service Providers (VASPs) currently registered with OAM in Italy must submit an application to transform into regulated Crypto Asset Service Providers (CASPs) by December 30, 2025, if they wish to continue operating. Otherwise, they will be prohibited from providing related services from that date, no later than June 30, 2026.

Consob specifically reminds investors:

• It must be confirmed whether the VASP currently collaborating with you plans to apply for a CASP license;

• Check whether the service provider is registered with ESMA (European Securities and Markets Authority) or OAM;

• If the service provider is not authorized, investors have the right to demand the return of their assets.

Consob also reiterated his urging to VASP:

• Those who have not applied for CASP authorization must cease operations, close all contracts, and refund user funds by December 30th;

• Clearly disclose future operating plans or exit arrangements to users.

This announcement is made to facilitate the full implementation of MiCAR in the EU and ensure a smooth and orderly market transition.