Spain finales countdown to MiCA Compliance

Spain is on a fast track to becoming a leader in the regulation of the digital asset space. The European Union's landmark Markets in Crypto Assets MiCA regulation officially came into force on December 30 2024. While many EU countries have adopted an 18 month transitional period to allow existing crypto-asset service providers CASP to adapt, Spain has taken a more aggressive approach

The Spanish government has decided to reduce this grandfathering period, bringing the deadline for full compliance to December 30, 2025, six months ahead of the EU wide deadline of July 1 2026. This move, communicated to the European Securities and Markets Authority ESMA, signals a clear commitment to establishing a stable and secure regulatory environment

Under the new framework, existing crypto firms that were previously registered with the Bank of Spain will need to apply for a new MiCA license from the National Securities Market Commission CNMV to continue their operations. The CNMV began accepting these applications in September 2024, with a review process that can take up to three months

This proactive stance aims to provide legal certainty, protect investors, and foster innovation within a regulated market. The transition is significant, as it will require companies to meet new standards for governance, risk management, and consumer protection