Spain’s CNMV Enforces MiCA Compliance for Crypto Service Providers
- Spain’s CNMV mandates unapproved virtual asset service platforms (VASPs) to exit by June 30.
- Less than half of VASPs have obtained MiCA licenses, according to Cris Carrascosa of ATH21.
- The EU has initiated a consultation to update MiCA laws concerning DeFi and stablecoins ahead of July.
- Investors are advised not to engage with unauthorized entities post-June, as they lack regulatory protection.
- Migration plans may involve agreements with approved VASPs for continued crypto services.
The CNMV’s directive underscores the urgency for VASPs in Spain to comply with the Markets in Crypto Assets (MiCA) framework before the end of June, ensuring investor protection and regulatory compliance. The low percentage of licensed VASPs suggests potential disruptions in service availability across Europe.
With less than half of all VASPs licensed under MiCA, significant market adjustments are anticipated as unauthorized entities must cease operations or establish migration plans by June’s end. (Source)
