Spain gives unlicensed crypto firms until June 30 to exit

Spain’s National Securities Market Commission (CNMV) announced that virtual asset service providers (VASPs) without authorization under the EU Markets in Crypto Assets (MiCA) regulation must cease operating in Spain after June 30. Firms still active after that date will not be covered by MiCA supervision or investor protections.

The CNMV issued the notice on Monday and noted the transitional period for VASPs that have not completed authorization ends on June 30. MiCA takes effect on July 1 and only authorized VASPs will be able to operate under the new EU framework.

Unapproved firms must prepare and carry out migration plans to manage client holdings. The regulator said firms may arrange for authorized VASPs to continue serving customers if users agree. The CNMV wrote: ‘This migration plan will establish a reasonable timeframe for investor withdrawals, and upon its conclusion, any crypto-assets and funds that have not been withdrawn may be transferred to authorized entities, with notification provided to the affected clients.’

The CNMV also advised investors not to use platforms that lack MiCA authorization and urged customers to check official registries to confirm a provider’s status.

Cris Carrascosa, chief executive of ATH21, reported that fewer than half of VASPs had obtained MiCA licenses about 15 days after the rules took effect. He warned the shortfall could lead to service interruptions and consolidation as providers seek approval or move customer holdings to licensed platforms.

The European Commission has opened a public consultation on possible updates to MiCA covering decentralized finance, stablecoins and staking. Under MiCA, VASPs must meet operational, capital and governance standards to obtain national licences and supervision.

The CNMV’s announcement sets June 30 as the deadline for firms operating in Spain to obtain MiCA authorization or execute orderly exit and migration plans for clients.