Spain has decided to shorten the transitional period by 6 months, going from 18 months to 12 months.
This means that providers who currently provide cryptocurrency services and do not have their MiCA license before December 2025 will not be able to continue offering these services. 📅🚫
As reported by Vicente Ortiz from Vicox.legal based on this press release from the Ministry of Economic Affairs and Digital Transformation
The Government will advance by six months the application of the European Regulation on the cryptoasset market (MiCA), a pioneer in the world, for its implementation in Spain in December 2025 in order to create a stable regulatory and supervisory framework that provides legal certainty. and protect investors in connection with the provision of cryptoasset services.
The first vice president and acting minister of Economic Affairs and Digital Transformation, Nadia Calviño, met yesterday with the president of the European Securities and Markets Authority (ESMA), Verena Ross, with whom she addressed the situation of the financial system and regulation of the cryptoasset market, transferring Spain's proposal in this matter.
Once the Regulation is published, the Member States have to make a decision on the period of application of the standard in each country, since, if no decision is taken, the Regulation would apply from July 2026 as regards to cryptoasset service providers, with a total transition period of up to 36 months.
With the decision adopted by Spain, there will be a transitional period of 18 months, from the publication of the Regulation in June of this year, during which the ESMA and the EBA will approve technical standards for the development of MiCA, and a subsequent period of one year during the which the CNMV will be able to begin granting authorizations to companies that want to provide cryptoasset services, shortening the total period by six months.
This option, which is in line with the request that ESMA has been making to the Member States, allows the application of MiCA in Spain to be brought forward, allowing the CNMV to begin supervision earlier, which will provide legal certainty and greater protection to investors. Spaniards in this type of assets.
