Italy’s securities market regulator, Consob, has issued new directives for virtual asset service providers (VASPs). Following the adoption of the European Union’s Markets in Crypto-Assets Regulation (MiCAR), VASPs operating under Italy’s OAM must transition to becoming Crypto Asset Service Providers (CASPs) by December 30, 2025. Failure to comply will result in the cessation of services by June 30, 2026. Consob advises investors to verify if their VASP intends to apply for a CASP license and confirm if the provider is listed on the registries of the European Securities and Markets Authority (ESMA) or OAM. If unauthorized service providers operate without authorization, investors have the right to request return of their assets. [citation needed] In addition, VASPs that do not apply for CASP authorization must cease operations by December 30th, liquidate all existing contracts and immediately return user funds. These providers must also clearly disclose their future operational plans or exit strategies to users. This directive aims to ensure a smooth and orderly transition as MiCAR is implemented across the EU.