Wu said that Italian financial regulator Consob has issued an announcement reminding investors and Virtual Asset Service Providers (VASPs) that the transition period for the Markets in Crypto-Assets Regulation (MiCAR) will end on December 30, 2025. At that time, VASPs that have not submitted a Crypto Asset Service Provider (CASP) authorization application must cease operations in Italy and return client funds and crypto assets. If an authorization application is submitted before the deadline, operations may continue until approval or rejection, but no later than June 30, 2026.

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