Spain’s markets regulator has put the crypto industry on notice: get authorized under MiCA or get out. The Comisión Nacional del Mercado de Valores (CNMV) this week published a detailed Q&A explaining how it will apply the EU’s Markets in Crypto-Assets Regulation (MiCA) in Spain. The guidance walks crypto-asset service providers (CASPs) through authorizations, notifications, day-to-day conduct and the transitional regime — and makes clear that firms face a binary choice as the rulebook takes effect. Key points - Scope and procedures: The CNMV’s Q&A clarifies which firms fall inside MiCA’s remit, how MiCA interacts with existing national rules, and how Spain’s authorization and notification processes will operate in practice. It also explains how cross-border activity should be handled during the transitional phase. - Shortened transitional timeline: While MiCA allows member states to let existing providers operate through a transitional period until July 1, 2026 (or until authorization is granted/denied), Spain has shortened that window. Entities must obtain MiCA authorization by Dec. 30, 2025 if they want to keep offering crypto-asset services in Spain; failure to secure authorization by that date will mean being forced to stop operating. - “Comply or quit” pressure: By trimming the transitional period, the CNMV is pressing firms to decide whether to adapt and seek formal authorization or to exit the Spanish market — eliminating prolonged regulatory limbo. - Additional guidance: The regulator also published criteria on how MiCA will apply to funds, venture capital vehicles and MiFID II entities, plus updated guidance on when investment-related influencers amount to client acquisition. The CNMV frames these measures as part of a broader push to strengthen investor protection as MiCA comes into force. A wider EU trend Spain’s move mirrors actions elsewhere in the bloc. Italy’s regulator, CONSOB, set the same Dec. 30, 2025 deadline for existing virtual asset service providers to apply for MiCA-style authorization or exit, while allowing transitional operation only for those that file and, in any event, no later than June 30, 2026. The step-by-step national rollouts reflect an EU-wide push to reduce uncertainty as member states use MiCA’s transitional flexibilities. What this means for firms Crypto firms active in Spain should treat the CNMV’s Q&A and the deadlines seriously: start authorization processes now, adjust business models where needed, or plan an orderly withdrawal if authorization is unlikely. The regulator’s clarity narrows options but reduces regulatory uncertainty — and signals that Europe’s crypto market is entering a new, more tightly regulated phase. Read more AI-generated news on: undefined/news

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