Spain Moves to Adopt MiCA Six Months Before Deadline, Citing Investor Protection: Here's More
Spain has announced plans to reduce the transition period before the implementation of the Crypto Asset Market (MiCA) regulations.
Recent publications from the government show meetings with first vice president Nadia Calvino and Verena Ross, President of the European Securities and Markets Authority (ESMA) to update the country's regulatory framework, beyond the six-month deadline.
July 2026 is the deadline for all 27 member countries to implement the law. The law was hailed as the first significant attempt to expand market regulation giving member states a 36-month transition period to bring all local market sectors into compliance with the regulatory law.
Spain's rapid efforts in implementing local regulations will see the law come into force in December 2025, 18 months ahead of the deadline as the Ministry of Economy cited the need to protect investors and users of crypto assets.
“This will provide greater legal certainty and protection for Spanish investors in these types of assets.”
The initial implementation of the law will impact international digital asset companies such as Coinbase, Kraken, and Binance that have obtained licenses to operate locally.
The implementation of this measure refers to the fact that all stakeholders must accelerate compliance before December 2025. It is worth noting that the exchanges mentioned above have stated that they will comply with the regulations in all jurisdictions.
Nations became MiCA complaints
Since the signing of MiCA by the European Union (EU), several countries have attempted to comply with the regulations before the specified deadline.
The European Securities and Markets Authority (ESMA) also called on member states to speed up the implementation of the law in their respective countries.
Similar steps have also been taken for stakeholders such as digital asset exchanges and stablecoin issuers to start preparations ahead of the final in order to remain cautious and avoid legal repercussions.
Investor protection is ever-present in global crypto circles following major market crashes in 2022 (Terra Network and FTX) that resulted in billions of dollars being wiped from the market.
Like Spain's MiCA preparing to face the Digital Euro
Banco de España, Spain's central bank has informed its citizens about the potential benefits of a digital Euro, the European Union's Central Bank Digital Currency (CBDC).
In a document dated October 19, the bank highlighted the nature of the currency and added that it will connect users with a seamless mix of digital transactions and cross-border settlements.
Although many European countries maintain a positive approach towards CBDCs, privacy departments have flagged potential data breaches by Central Banks and their licensed private companies.
