‼️ MiCA: Transitional period ends on 1 July 2026. ESMA urges investors to review their crypto service providers ‼️

In its Public Statement of 23 June 2026, the European Securities and Markets Authority (ESMA) highlighted the end of the transitional period under the Markets in Crypto-Assets Regulation (MiCA), effective from 1 July 2026. ESMA makes it clear that crypto-asset service providers (CASPs) operating without MiCA authorisation are expected to wind down their EU activities in an orderly manner while ensuring appropriate protection of clients and their assets. Among other measures, unauthorised CASPs are expected to:

• immediately stop onboarding new EU clients and cease marketing activities;

• limit their services to those strictly necessary to allow clients to transfer, dispose of or close their crypto positions;

• provide clients with timely and transparent information regarding the wind-down process and the protection of their assets.

ESMA also encourages EU investors to verify whether their crypto service provider is authorised under MiCA by consulting the ESMA Register, and, where appropriate, to transfer their crypto-assets to an authorised provider or to a self-hosted wallet. For Italian tax residents, these developments are relevant not only from a regulatory perspective but also in relation to the tax treatment, reporting obligations and proper documentation of crypto-asset investments. ABACO continuously monitors developments in European regulation and tax practice concerning digital assets, assisting businesses, investors and private clients in addressing the tax, regulatory and compliance implications arising from crypto-asset investments. As the European regulatory framework continues to evolve, an integrated approach combining tax and regulatory expertise becomes increasingly important.

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