Crypto: Spain regulates the transition period before the full application of MiCA

As the European MiCA regulation gradually comes into effect, the Comisión Nacional del Mercado de Valores (CNMV) of Spain has decided to set clear, almost abrupt, guidelines for crypto players operating on its territory. No prolonged grey areas, no regulatory wavering. The message is clear. Comply, or leave.

Crypto: A consciously regulated crackdown

Through a dedicated Q&A session, the Spanish regulator explains how MiCA will be practically applied, far from the theoretical texts of Brussels as promulgated in June 2023. It is a pragmatic approach that forces crypto platforms to face reality.

With this MiCA FAQ, the CNMV of Spain does not just recall European rules. It explains how existing national procedures fit into the new framework, and especially how crypto-asset service providers (CASP) must act from now on.

The document details eligibility criteria, authorization obligations, notification mechanisms, and daily conduct rules for crypto platforms. It addresses both already registered players and new entrants. The objective is not to inform out of politeness, but to reduce any room for interpretation.

MiCA is not an option, nor a distant future. It is a filter. Companies wishing to remain in the Spanish market must actively prepare for it, under penalty of exclusion.

A voluntarily shortened transition period

On paper, MiCA leaves some flexibility to member states. The transition period can extend until July 1, 2026, or until authorization is granted or refused. But Spain has chosen to tighten the schedule.

The CNMV sets the end of the transition on December 30, 2025. At this date, any entity wishing to continue offering crypto services must have obtained its MiCA authorization. No tacit extension. No silent tolerance.

Existing crypto platforms can continue to operate during this period, but only if they clearly commit to a compliance process. Consequently, those who fail or delay must cease their activities in Spain.

The CNMV goes beyond crypto platforms. Its FAQ includes clarifications on MiCA’s application to funds, venture capital vehicles, MiFID II entities, and even financial influencers. As soon as promotional content resembles client acquisition, it falls under the regulatory radar.

Although the MiCA regulation seemed weakened by European divergences, this decision aligns Spain with other European jurisdictions, notably Italy. Indeed, the Italian regulator, CONSOB, has also set strict deadlines, including a request for authorization before December 30, 2025. Transitional activity for crypto platforms is only allowed under conditions, at the latest until June 30, 2026.