In Spain, the capital markets regulator, the CNMV, has announced that it does not envisage any exemptions or extensions for cryptocurrency firms that fail to obtain the licence required under the EU’s MiCA regulation. This means that, from 1 July, entities without the appropriate authorisation will not be able to legally provide services within the European Union.
CNMV Chairman Carlos San Basilio emphasised that the regulator remains in contact with firms that have not yet received authorisation. The aim is to ensure an orderly winding-down of operations and to protect customers’ interests during the transition period. According to him, the priority is to ensure that users are properly informed about the future of their assets and the options for transferring them to licensed providers.
Binance, the world’s largest cryptocurrency exchange platform, is attracting particular attention from the regulator. This week, the company announced that it intends to remain on the European market, despite having withdrawn its licence application in Greece following an unsuccessful attempt to obtain approval from the local regulator. The company has announced that it will reapply for a licence in another Member State, but will not be able to obtain it before the new rules come into force.
San Basilio acknowledged that the biggest challenge lies with platforms serving millions of customers across Europe. Supervisory authorities are monitoring the transfer of customers’ funds and assets to other licensed entities in order to minimise the risk of disruption and ensure investor protection.
Once the transition period ends, users will not be able to enter into new transactions via unauthorised platforms. Furthermore, the use of such services will not be covered by the protections provided for under MiCA. Enforcement of the new regulations remains the responsibility of national supervisory authorities, although discussions are ongoing within the European Union regarding granting the European Securities and Markets Authority (ESMA) broader powers to supervise the cryptocurrency market.
The Spanish regulator’s stance shows that the transition period for the cryptocurrency sector is drawing to a close. For firms that have not obtained a MiCA licence, this means they must either cease operations or quickly transfer their clients to authorised operators. For the market as a whole, this is one of the first practical tests of the effectiveness of the new EU regulations governing the digital assets sector.
