Italian Securities and Exchange Commission: MiCAR Regulatory Transition Deadline Approaches, VASPs Must Transform into CASPs to Continue Operations

Techub News reports that the Italian Securities and Exchange Commission has issued an announcement stating that as the MiCAR regulatory transition deadline approaches, Virtual Asset Service Providers (VASPs) currently registered with the Italian Agents and Brokers Organization (OAM) must submit applications to transform into regulated Crypto-Asset Service Providers (CASPs) by December 30 if they wish to continue operations. If the relevant VASPs can submit a CASP operational license application to Italy or another EU member state (including at the group level) by December 30, they may continue operating until approval or rejection, but no later than June 30, 2026. Those not applying for CASP authorization must terminate operations by December 30, close all contracts, return user funds, and clearly disclose future operational plans or exit arrangements to users.