Italy is looking to ensure that crypto firms operating in the country are in compliance with EU’s MiCA laws. Italian regulators have finalized the deadline of December 30 for virtual asset service providers (VASPs) to register with the Organismo Agenti e Mediatori (OAM) — the official body that oversees financial services in Italy. Crypto Asset Service Providers (CASPs) have also been allotted the same date to complete their MiCA registrations.
In an official statement released on December 4, Italy’s market authority body Consob said that those VASPs and CASPs that are found flouting MiCA rules would not be allowed to continue operations after December 30.
In this case, Italian investors would have the right to ask back the money or crypto assets engaged with the non-MiCA compliant entities.
“VASPs that do not intend to apply for authorisation as CASPs under MiCA must cease operations, existing contracts, return crypto-assets and funds to customers, and discontinue all services provided, including the custody and administration of crypto-assets,” the Consob statement noted.
For those crypto firms that claim to have already aligned their operations with MiCA have been asked to publish proofs and documents on their respective websites.
“VASPs registered in the OAM register must provide customers with adequate information on the plans and measures they intend to adopt to comply with MiCA,” the Consob added.
In September this year, Bank of Italy seniors had asked for a clarification on stablecoin-related lacks in the MiCA regulations. It had urged the EU to clarify rules for identical stablecoins issued across borders.