Spain’s Implementation of MiCA Regulations
Spain’s securities authority, known as the Comisión Nacional del Mercado de Valores (CNMV), has unveiled a comprehensive FAQ document detailing its framework for implementing the European Union’s Markets in Crypto-Assets Regulation (MiCA). This publication provides crucial insights for crypto service providers, elucidating aspects such as authorization, notifications, and daily operations under the new regulations.
Alignment with EU Regulations
As MiCA is set to take effect, Spain is taking steps to align itself with other EU countries like Italy, which are also utilizing MiCA’s transitional clauses to eliminate lingering regulatory ambiguities. The CNMV’s guidance aims to steer companies towards making a decisive choice between compliance and discontinuation of operations as new regulations loom.
Authorization for Crypto-Asset Service Providers
The CNMV’s FAQ addresses the specifics of obtaining authorization for crypto-asset service providers (CASPs) in Spain. It sheds light on the types of firms that fall under this regulatory umbrella, the relationship between MiCA and existing national registrations, and the procedures for authorization and notification set out by the CNMV.
Transitional Phase and Deadlines
During the transitional phase allowed by MiCA, existing providers can operate under certain conditions until either July 1, 2026, or until their authorization status is resolved. However, Spain has opted for an earlier deadline, requiring entities to secure MiCA authorization by December 30, 2025, to maintain their ability to offer regulated crypto services.
Firms that do not attain approval by this date will be compelled to halt their operations, as continuing without authorization would contravene MiCA regulations. This mandates that businesses either adjust their operational models or cease activities based on the outcome of their authorization processes.
New Standards and Guidelines
In addition to the FAQ, the CNMV has introduced new standards regarding the application of MiCA to investment funds, venture capital firms, and entities covered under MiFID II. Enhanced guidelines have also been issued concerning investment influencers and their role in client acquisition activities, emphasizing an overarching strategy to bolster investor protection as MiCA comes into effect.
Comparative Regulatory Actions
Following Spain’s lead, Italy’s own regulatory body, CONSOB, has set a similar deadline of December 30, 2025, for currently operating virtual asset service providers to either comply with MiCA-like authorization or discontinue their operations, allowing continuity only for those who apply promptly, with an ultimate cutoff by June 30, 2026.
