Spain Refuses MiCA Grace Period for Unlicensed Crypto Firms

Spain's financial regulator has told crypto platforms to stop expecting leeway. No more delays, no more exemptions for firms that have not secured authorization under the European Union's Markets in Crypto-Assets framework, the regulator said. The statement, issued Monday, closes the door on any hope of a grace period for unlicensed firms.

The deadline for crypto asset service providers to obtain a MiCA license was June 30. Spain initially allowed a transitional window. The regulator now says no further delays are coming. Any firm still offering services in Spain without a license after the cutoff will be operating illegally. The regulator did not specify penalties. Past guidance has included fines and orders to cease operations.

MiCA lays out uniform rules for crypto platforms across the EU. Firms must hold a minimum amount of capital, segregate client funds, and report suspicious transactions. The application process involves a review by the national regulator, a process that can take months. Spain's regulator has been processing applications since the rules took effect. The number of licensed firms still falls short of the number of platforms active in the country.

A previous AlphaScala report counted 230 MiCA licenses issued across the bloc. Spain ruled out a July 1 reprieve. That suggests the licensing pipeline is accelerating. A gap remains between the number of licensed entities and the total number of platforms active in Spain.