Spain’s financial markets regulator has confirmed that crypto companies that fail to obtain a license before the MiCA deadline, which expires at the end of June, will not be granted additional time or exemptions. While this decision further clarified the European Union’s new crypto asset regulatory framework, it pointed out that companies that do not comply with the rules will have to enter the process of withdrawing from the European market.
Clear message from Spain
Carlos San Basilio, head of the CNMV, Spain’s National Securities Market Commission, said no exceptions would be made after the MiCA deadline. CNMV operates as the institution that supervises the Spanish capital markets. San Basilio stated that close contact with companies that could not obtain authorization continues, and that it is aimed for these companies to terminate their activities in an orderly manner.
CNMV President Carlos San Basilio stated that no exceptions will be applied after the MiCA period expires, and that contact with companies that have not received authorization continues to terminate their activities in an orderly manner.
The aim of this approach stands out as limiting possible market disruptions as new rules are implemented across the European Union. At the same time, it is aimed to establish a more unified control system instead of scattered national practices in member countries.
MiCA seen as turning point
MiCA, known as the Crypto Asset Markets regulation, introduces a common licensing system across the European Union. The regulation aims to replace different country rules with a single framework, strengthen surveillance, increase transparency and support investor protection. Clearer operating standards for crypto companies are also important parts of this structure.
Mini dictionary: MiCA is the European Union’s common regulatory framework for crypto asset service providers and issuers. Its main aim is to strengthen investor protection and market surveillance by harmonizing licensing rules across the union.
The issue has become more visible, especially due to the situation of major stock exchanges. Binance, mentioned in the news, is known as one of the largest cryptocurrency exchanges in the world. It was stated that the company publicly announced that it wanted to stay within the European Union and seek regulatory approval again after its license application in Greece was unsuccessful.
Customer assets stand out in the audit
San Basilio pointed out that auditing platforms serving millions of users in Europe has its own difficulties. Regulators monitor how companies transfer customer assets and cash to authorized entities. In this process, protecting investor rights is seen as the main priority.
After the MiCA deadline, new transactions will not be initiated through unauthorized platforms, and customers who continue to use these platforms will not benefit from the protections under MiCA.
As part of the MiCA calendar, companies are also asked to submit exit plans. These plans are expected to clearly explain to customers how the process will work. The Spanish regulator also reiterated that protecting investor interests will remain a priority during the transition period.
Implementation is in the hands of member countries
The implementation of the rules is currently at the discretion of European Union member states. However, it is stated that some changes on the agenda may increase the powers of the European Securities and Markets Authority in the future. As the MiCA threshold at the end of June approaches, it will become clearer how crypto companies will operate in Europe and to what extent the uniform order will operate across the union.
