MiCA transitional period ends: 9 entities authorized in Italy
The transitional period for the European Markets in Crypto-Assets Regulation (MiCAR) ends on July 1. From this date, only entities authorized as Crypto-Asset Service Providers (CASPs) or supervised intermediaries that have notified their intention to provide crypto-asset services can operate in the EU.
Italy's nine authorized crypto providers
From July 1, the provision of crypto-asset services to European clients is exclusively reserved for entities authorized as Crypto-Asset Service Providers (CASPs) under MiCAR, or already supervised intermediaries that have notified their intention to provide such services.
In Italy, Consob, in close coordination with Banca d'Italia, has authorized eight CASPs: CheckSig S.r.l., Conio S.r.l., CryptoSmart S.p.A., Hercle S.r.l., Hodlie S.r.l., Olliv S.r.l., Riv Digital S.r.l., and Young Platform S.p.A. Additionally, Banca Sella S.p.A., a banking intermediary, has notified Banca d'Italia of its intention to provide crypto-asset services.
These nine operators, like all authorized entities in other member states, are registered in the ESMA-maintained Register of Crypto-Asset Service Providers and can offer their services across the EU through the 'European passport' regime.
Orderly wind-down for non-compliant firms
Operators that have not obtained CASP authorization in at least one EU country by today's date must cease their activities.
They are limited to actions necessary for closing existing client relationships, facilitating the transfer or liquidation of positions in compliance with conduct rules, anti-money laundering (AML), and counter-terrorist financing (CFT) obligations.
This process must safeguard client interests and mitigate market risks.
ESMA has requested these operators to prepare orderly wind-down plans, ensuring client assets are transferred to authorized operators or self-hosted wallets, without causing economic harm to clients.
Investor vigilance remains paramount
While MiCAR brings much-needed regulatory clarity, the onus remains heavily on investors to verify their service provider's authorization.
The complexity of cross-border operations and brand usage by non-EU entities means MiCAR's protections are not automatically guaranteed.
This highlights the persistent challenge of ensuring robust consumer protection in a rapidly evolving digital asset landscape.