The financial regulator in Italy, CONSOB, has announced December 30 ultimatum for crypto operators to comply with MiCAR regulation standards or risk ceasing operations. The Italian regulator announced this development in a press release on its website.
CONSOB in the post urged investors and operators to pay close attention to the 30th December deadline set for the transition period for compliance with the new European regulations on crypto-based assets. It added that December 30th is the last day for Virtual Asset Service Providers (VASPs) currently offering virtual asset services including cryptocurrency exchange registered with the OAM (the Organismo Agenti e Mediatori, or Agents and Brokers Organisation) can continue to operate.
However, VASPs who wish to continue offering virtual asset services in Italy or any other EU member state may apply for authorisation to operate as a Crypto-Asset Service Provider before December 30th. As revealed, these service providers are allowed to operate until authorization is granted or refused to them not later than June 30, 2026.
In addition, investors have the right to request the return of their funds or crypto assets from crypto operators not authorized to continue providing crypto-asset service to the public.
The Italy regulator sheds light on the development
The Agents and Brokers Organisation requires Virtual Asset Service Providers operating in Italy to register with them. However, CASPs operating on the other hand must obtain authorisation from the Supervisory Authorities. In addition, these CASPs are subject to these authorities’ supervision.
Going further, the Italy regulator warned VASPs who do not intend to apply for authorisation as CASPs under MiCAR to cease operations by December 30th. The regulator also directed to terminate existing contracts, return crypto assets and funds to customers in accordance with their instructions, and discontinue all services provided, including custody and administration of crypto-assets.
Similarly, the regulator also directs VASPs registered under the OAM register to publish on website and provide customers with adequate information on the plans and measures they intend to adopt to comply with MiCAR.
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