Spain closes MiCA deadline and tightens pressure on cryptocurrency exchanges
2 min read
PortalCriptohttps://portalcripto.com.br/
ads
Loading…
Cryptocurrency companies operating in Spain will have to fully comply with the requirements of the Markets in Crypto-Assets Regulation (MiCA) by the end of June. The signal came from the National Securities Market Commission (CNMV), which ruled out any possibility of extending the deadline or granting exceptions for companies that have not yet obtained authorization to operate.
CNMV president Carlos San Basilio stated that unlicensed companies will have to halt their activities across the European bloc as soon as the transition period comes to an end. According to him, the Spanish regulator is working together with the affected companies to reduce impacts and ensure an orderly adaptation to the new rules.
The decision reinforces the implementation of MiCA, a set of rules created by the European Union to establish unified criteria for the cryptocurrency market. Starting in July, only duly authorized companies will be able to offer crypto-related services in all member countries of the bloc.
Among the platforms being monitored by the authorities is Binance, which continues to seek regulatory approvals in different European jurisdictions. The exchange has been receiving additional attention from regulators after facing obstacles in previous licensing processes.
The authorities' focus is on protecting investors during the transition period. Regulators require companies to present detailed strategies for managing clients' assets, including procedures for withdrawing funds, account migration, and winding down operations when necessary.
San Basilio also highlighted that unauthorized platforms will not be able to process new operations after the end of the regulatory deadline. In addition, users who choose to remain on unlicensed services will no longer have the safeguards provided for under the MiCA framework.
The European Securities and Markets Authority (ESMA) also reinforced that the final phase of implementing the rules will begin on July 1. The authority instructed cryptocurrency service providers that still do not have a license to begin an orderly exit from the market.
The recommendations include suspending the registration of new clients, limiting services only to asset transfers and account closures, as well as disclosing transparent timelines so that investors can protect and move their funds before the process is completed.