- Italy’s Macroprudential Policy Committee has launched a full review of retail investor exposure to crypto-assets.
- The committee has also pointed out risks stemming from the integration of crypto assets into the traditional financial system.
- Meanwhile, Italy’s regulator, Consob, has urged VASPs to adhere to the December 30, 2025, deadline, requiring full authorization or an exit from Italy.
Italy is intensifying its oversight of crypto activity as regulators launch a review of retail exposure and warn service providers about fast-approaching MiCAR deadlines. The move follows fresh guidance from the Macroprudential Policy Committee and a new consumer alert from Consob.
Italy Reviews Retail Crypto Exposure
Italy has formally initiated an in-depth review of the safeguards surrounding retail crypto investments, according to a statement issued by the Committee for Macroprudential Policies at Banca d’Italia. The committee, chaired by Governor Fabio Panetta, attributed the review to a need to assess risks that crypto poses to the country’s economic and financial system.
The Committee noted that while Italy’s financial environment remains broadly stable, emerging risks continue to demand regulatory vigilance. Among these risks is the accelerating integration of crypto assets into the global financial system. It stated,
“The risks associated with the spread of crypto assets could increase due to growing interconnections with the financial system and regulatory fragmentation at the international level.”
To address these concerns, it confirmed that the Ministry of Economy and Finance has launched a comprehensive review to evaluate the adequacy of existing protections for retail exposure to crypto assets. The review is designed to determine whether current rules sufficiently shield retail investors.
This latest move aligns with past views expressed by the Bank of Italy. In April 2025, the central bank warned that crypto’s “rising global integration” could become a threat to financial stability.
MiCAR Deadline Pressures VASPs as Consob Issues Fresh Warning
Amid the Macroprudential Committee’s announcement, Italy’s securities regulator, Consob, has also published a detailed notice reminding both investors and Virtual Asset Service Providers (VASPs) about the rapidly approaching MiCAR transition deadline on December 30.
Consob emphasized that VASPs must apply for authorization as Crypto Asset Service Providers (CASPs) to continue operating under Europe’s new MiCAR framework. It said,
“30 December 2025 is the last day on which Virtual Asset Service Providers registered with the OAM can continue to operate.”
The regulator also warned that VASPs failing to apply for CASP authorization by the deadline must cease operations in Italy, terminate existing contracts, and return client funds and crypto assets. Even those who submit applications may only continue operating until a final approval or rejection is given, no later than June 30, 2026.
These developments come amid a sweep of crypto regulations across Europe. Last week, the UK’s HMRC issued clarity on DeFi taxation. As Blockmara reported, the body seeks to align the UK with how top DeFi jurisdictions handle transactions.
Therefore, as crypto adoption grows across Europe, Italy’s regulators are capitalizing on assessment, compliance, and structured transitions. Per regulators, the country’s approach in the months ahead will involve a combination of system-wide risk assessment and strict enforcement of MiCAR’s transitional timeline.
