Spain’s CNMV Warns Crypto Service Providers Must Be MiCA-Authorized After June 30

Spain’s National Securities Market Commission (CNMV) said virtual asset service providers (VASPs) operating in the country will need authorization under the EU’s Markets in Crypto-Assets (MiCA) framework after June 30, when a transitional grace period ends. According to ChainCatcher, the CNMV said investors should not deal with entities that have not completed the authorization process because they will not be covered by the protections and supervisory mechanisms set out in the rules. The regulator said VASPs that are not MiCA-authorized but continue operating in Spain can design migration plans to manage client funds, including agreements with other authorized VASPs so customers can continue receiving crypto services. The CNMV added that such migration plans should set a reasonable timeframe for investor withdrawals. After the process is completed, any unwithdrawn crypto assets and funds may be transferred to an authorized entity, with affected customers notified. ATH21 CEO Cris Carrascosa said that with 15 days remaining before the rules take effect, fewer than half of VASPs have obtained a MiCA license, which could lead to significant service disruptions for European companies and users.