Spain Implements MiCA Regulations for Crypto Firms

According to Cointelegraph, Spain's national securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), has released a comprehensive Q&A document detailing the application of the European Union's Markets in Crypto-Assets Regulation (MiCA) within the country. This initiative aims to provide clarity for crypto companies regarding authorizations, notifications, daily operations, and the transitional regime, urging platforms to make a decisive 'comply or quit' choice as MiCA is enforced. Spain joins other EU member states, such as Italy, in actively utilizing MiCA's transitional flexibilities to avoid prolonged regulatory uncertainty. The CNMV's FAQ offers guidance to crypto-asset service providers (CASPs) on obtaining authorization in Spain, explaining how national procedures align with MiCA. It addresses which firms are affected, the interaction between MiCA and existing national registrations, and the processes for authorization and notification that CNMV has established. The document also outlines how notifications related to authorization and cross-border activities should be managed during the transitional period, emphasizing the importance of adhering to transitional deadlines. Under MiCA, member states may allow existing providers to operate for a limited transitional period until July 1, 2026, or until authorization is granted or denied, whichever occurs first. However, Spain has opted for a shortened transitional period ending on December 30, 2025. Entities benefiting from this transition must secure MiCA authorization by that date to continue offering in-scope crypto-asset services in Spain. Failure to obtain authorization will result in the prohibition of operations, and continued activity without authorization would violate MiCA regulations. Businesses must be prepared to adapt their models or cease operations based on the outcome of their authorization process. The Q&A is accompanied by new criteria on how MiCA will apply to funds, venture capital vehicles, and MiFID II entities, along with updated guidance on when investment-related influencers are considered to be engaging in client acquisition. These measures are part of a broader effort to enhance investor protection as MiCA is implemented. This development follows similar actions in Italy, where the Italian regulator CONSOB has set a deadline of December 30, 2025, for existing VASPs to apply for MiCA-style authorization or exit, with transitional operation permitted only for those that file, and no later than June 30, 2026. The move reflects a wider trend in Europe to reconsider crypto oversight as ESMA centralization gains momentum.