The regulator stressed that, starting next July, VASPSs that had not received authorization to operate in the country will have to execute a plan to migrate their customers’ funds. They could also arrange with other approved VASPs to continue serving these customers after user approval.
Spain's CNMV Issues Urgent Warning Ahead of June 30 MiCA Crypto Deadline
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Key Takeaways
- Spain’s CNMV warned that unapproved VASPs must exit by June 30, forcing market migration plans next.
- Cris Carrascosa of ATH21 noted that under 50% of VASPs have MiCA licenses, hinting at market disruptions.
- Ahead of July 1st, the EU launched a consultation to update MiCA laws on DeFi and stablecoins.
Spain’s CNMV Issues Statement On MiCA’s Upcoming Application
On Monday, Spain’s CNMV, the national securities watchdog, issued a statement warning about the upcoming consequences of applying the Markets in Crypto Assets (MiCA) framework to virtual asset service platforms (VASPs) operating in the country.
The institution warns that after June 30, the MiCA ruleset transitional period for VASPs that have benefited ends, and only approved VASPs will be able to operate in the country after the date.
The statement stresses that after June 30, “investors should not, therefore, deal with entities that have not completed the authorization process, as they will not benefit from the protection and supervisory mechanisms provided for in the aforementioned regulations.”
VASPs not approved to operate in Spain under MiCA rules can design a migration plan to manage customer funds accordingly. This plan might include agreements with other approved VASPs to allow customers to continue receiving crypto services.
“This migration plan will establish a reasonable timeframe for investor withdrawals, and upon its conclusion, any crypto-assets and funds that have not been withdrawn may be transferred to authorized entities, with notification provided to the affected clients,” the regulator stressed.
Cris Carrascosa, CEO of ATH21, disclosed that fewer than half of all VASPs had received a MiCA license just 15 days after the ruleset application, hinting at significant service disruptions for companies and users in Europe.
Regarding users, the CNMV highlighted that investors operating unauthorized entities will not be protected by the provisions of MiCA and invited customers to review the approval registries of the institutions they use, requiring migration plans if they fail to get MiCA licenses.
Even as it comes into force on July 1st, the EU has recently launched a public consultation to evaluate updates to the MiCA ruleset regarding DeFi, stablecoins and staking.
