With the publication of Decreto‑Legge 30 giugno 2025, n. 95 in the Gazzetta Ufficiale No. 149, Italy has firmly anchored the application of the EU’s MiCA transitional regime within national law. This crucial update provides legal certainty for crypto‑asset service providers (CASPs) registered under Italian national frameworks before the end of 2024, granting them continued operation until they receive formal MiCA authorization—or until 1 July 2026, whichever comes first.

1. The MiCA Framework & Transitional Clause
   
   

MiCA (Regulation EU 2023/1114) takes full effect across EU member states from 30 December 2024. Article 143(3) of the regulation introduces a transitional period—allowing existing national‑law CASPs, active before that cutoff, to continue operations until 1 July 2026 unless they gain authorization sooner.

Each country may shorten or forgo this period based on how rigorous its own pre‑MiCA regime is. Italy has chosen a 12‑month initial transition (to 30 June 2025), with conditional extensions up to 30 December 2025, and full access to the MiCA transitional window only until 1 July 2026 .

2. How Italy Implements the Transitional Period
   
   

• Italian VASP registration: CASPs must have been registered with the Organismo Agenti e Mediatori (OAM) by 27 December 2024;
  
  
• Apply for CASP via MiCA: Eligible providers must submit a CASP authorisation application by 30 June 2025, either in Italy or another EU country. If submitted, they can operate under existing rules until an outcome is reached or until 30 December 2025;
  
  
• End of transition grace: Entities that fail to file by 30 June 2025 must cease operations in Italy, transfer assets, and de-register from OAM;
  
  
• Final deadline: Regardless of application status, all CASPs must obtain MiCA authorisation by 1 July 2026. After this date, continued operation without such authorisation is illegal.

3. Key Legal Texts & Timelines
   
   

4. Requirements for CASP Authorisation in Italy
   
   

CASPs applying under MiCA must comply with strict governance, control, and operational standards. Under the national MiCA Decree (Legislative Decree 129/2024):

• They must be a joint‑stock, limited‑liability, or cooperative entity;
• Management and shareholders must meet “fit and proper” criteria similar to banking standards;
• Financial reporting must follow IAS/IFRS, with external auditing and whistleblower policies;
• Clear organisational structures, internal controls, AML/KYC, and risk management processes are mandatory;
• Market abuse systems and consumer protection procedures must align with ESMA and CONSOB guidance;
  
  

Supervision: CASP authorisations are issued by CONSOB, following consultation with Banca d’Italia .

5. Obligations During Transition
   
   

During the transitional period—prior to full MiCA authorisation—CASPs must:

• Notify customers and publicly explain by 31 May 2025 whether they will seek MiCA authorisation or plan to close operations;
  
  
• Maintain existing VASP protocols, including AML, quarterly reporting to OAM, and record‑keeping until removal from the registry;
  
  
• Execute orderly wind‑down plans, ensuring the return of funds and assets if no MiCA application is filed.

6. Consequences for Non‑Compliance
   
   

Non-compliance with MiCA—either through unlawful offering of crypto‑assets, lack of authorisation, or failure to report—carries severe penalties:

• Fiat fines + imprisonment: 6 months to 4 years and fines of €2,066–€10,329 under Art. 30;
  
  
• Administrative sanctions: €30,000–€5 million for minor violations; up to 12.5% of turnover or €15 million for serious breaches;
  
  
• Prospectus infractions, market abuse, AML/KYC failures: Additional fines up to €15 million or 15% of turnover, including personal penalties for directors.

7. Strategic Implications for Crypto Firms
   
   a. Act fast. Registrations with OAM must be in place by 27 Dec 2024.
   
   b. Prepare for CASP. Initiate internal gap assessments (KYC, governance, IT security, audits) now.
   
   c. Submit MiCA application early. Aim before 30 Jun 2025 to keep operating.
   
   d. Keep clients informed by May 2025. Transparency is both regulatory and reputational.
   
   e. Plan ahead for the July 2026 deadline—authorisation or exit.
   
   
   Conclusion
   
   

Italy’s implementation of the MiCA transitional clause offers a structured yet limited timeframe for existing CASPs to achieve full regulatory compliance. With deadlines clustered in June 2025, December 2025, and July 2026, the period balancing legacy operations with forward‑looking reform is finite. Those who move decisively now will thrive; the rest risk substantial business interruption and financial penalties.