Virtual asset operators urged to comply with MiCA…Italy presses for registration

The Italian financial regulator has emphasized that virtual asset (cryptocurrency) operators must comply with the European Union (EU) MiCA law by December 30 this year. On the 5th (local time), according to virtual asset specialist media Crypto Basic, it is expected that whether many operators will be able to continue providing services in Italy will be decided by that date.

This move is interpreted as highlighting that it could be a turning point determining the viability of operators that fail to meet the virtual asset service provision requirements under the MiCA framework. Crypto Basic reported that regulators reiterated the deadline and urged market participants to prepare.

In particular, virtual asset companies that wish to maintain operations in Italy from next year must register as virtual asset service providers (CASPs). If they fail to complete the registration process, it may become uncertain whether they can continue to provide virtual asset-related services in Italy.

The Italian financial regulator’s guidance shows that MiCA compliance and CASP registration have emerged as essential tasks for virtual asset operators. The market has raised the possibility that the structure of virtual asset service supply in Italy could change around December 30.