Spain’s national securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), has released a comprehensive Q&A detailing its approach to implementing the European Union’s Markets in Crypto-Assets Regulation (MiCA).
The document outlines expectations for crypto companies regarding authorizations, notifications, operational conduct, and the transitional regime, guiding platforms toward a decisive “comply or exit” stance as MiCA is enacted.
This action aligns Spain with other EU nations, like Italy, that are actively utilizing MiCA’s transitional provisions instead of allowing prolonged regulatory ambiguity.
CNMV clarifies MiCA approvals
CNMV’s MiCA FAQ assists crypto-asset service providers (CASPs) by answering key questions related to obtaining authorization in Spain, clarifying the integration of national procedures within MiCA.
It clarifies which firms are included under its scope, how MiCA interacts with current national registrations, and how entities should navigate the authorization and notification processes established by CNMV.
The Q&A also delineates the handling of authorization-related notifications and cross-border activities during the transitional phase, emphasizing the importance of adhering to transitional deadlines.
Related: EU may consolidate crypto regulations, IMF warns of stablecoin risk: Global Express
Operating during the transition
Under MiCA, member states may allow existing providers to operate for a specified transitional period, lasting until July 1, 2026, or until they receive authorization or a denial, whichever occurs first. However, Spain has chosen a shorter transitional period concluding on Dec. 30, 2025.
Entities benefiting from the transition must secure MiCA authorization by that date if they intend to continue offering covered crypto-asset services in Spain.
Firms that do not comply will lose the right to operate, and ongoing activities without authorization would violate MiCA regulations. Businesses must be ready to adjust their models or terminate operations based on the results of their authorization applications.
Related: Poland resubmits vetoed crypto bill with ‘not even a comma’ changed
Wider supervisory tightening
The Q&A is accompanied by new criteria on how MiCA applies to funds, venture capital entities, and MiFID II organizations, along with updated guidance on the client acquisition activities of investment-related influencers. The regulator presents these measures as part of a broader strategy to enhance investor protection as MiCA is implemented.
This development follows similar actions in Italy, where the Italian regulator CONSOB has established a deadline of Dec. 30, 2025, for existing VASPs to seek MiCA-style authorization or exit, with transitional operations allowed only for those that file, and in any case, no later than June 30, 2026.
Related: Europe reconsiders crypto oversight as ESMA centralization gains momentum
