Spain's CNMV Publishes New MiCA Q&A For Crypto Firms
Spain’s securities regulator, CNMV, has issued a detailed Q&A to clarify how it will implement the EU’s Markets in Crypto-Assets Regulation (MiCA) for crypto firms. The guidance covers authorization, notification requirements, day-to-day operations, and the transitioning regime as MiCA takes effect. Crypto service providers operating in Spain must either comply with MiCA’s rules or exit the market. Spain is using MiCA’s transitional flexibility but has set an earlier deadline: the transitional period ends December 30, 2025, after which providers must hold MiCA authorization to continue in-scope operations. Firms that do not secure authorization by this date must cease relevant activities to avoid legal breaches. The FAQ also details application processes, interactions with national frameworks, cross-border operations, and stricter oversight of funds, venture capital, MiFID II entities, and investment influencers. These measures are part of enhanced investor protection as MiCA is enforced. Spain’s approach aligns with similar actions in Italy, emphasizing clear compliance timelines for crypto businesses.
