Wu said that the Italian financial regulatory authority Consob issued a notice, reminding investors to pay attention to the fact that the transitional period for the Regulation on Markets in Crypto-Assets (MiCAR) will end on December 30, 2025. At that time, VASPs that have not submitted applications for authorization as Crypto Asset Service Providers (CASPs) must cease operations in Italy and return customer funds and crypto assets. If an authorization application is submitted before the deadline, operations can continue until approval or rejection, but no later than June 30, 2026.