The Spanish National Securities Market Commission (CNMV) is taking a proactive stance to integrate the European Union’s Markets in Crypto-Assets (MiCA) framework. Here are the core details:
* Shortened Transition Period: While the EU allows a transition period until July 2026, Spain has accelerated its timeline. The CNMV has set a deadline of December 30, 2025, for crypto firms to fully comply and obtain the necessary licenses.
* The "Comply or Quit" Policy: Existing platforms currently operating under transitional regimes must apply for a MiCA-compliant authorization. If they fail to secure this by the deadline, they will be legally required to stop offering services in Spain.
* Enhanced Investor Protection: The Q&A clarifies strict requirements regarding the custody of client assets, transparency in marketing, and the prevention of market abuse.
* Stricter Advertising Rules: The regulator is also focusing on how crypto products are promoted, ensuring that social media influencers and firms do not mislead retail investors.