Spain's CNMV Warns: MiCA Deadline June 30 – What Crypto Firms Must Do

Spain’s securities regulator told crypto firms Monday that the June 30 MiCA deadline is not a suggestion. After that date, only virtual asset service providers (VASPs) with a completed authorization can operate in the country. Everyone else must have a migration plan in place.

The Comisión Nacional del Mercado de Valores (CNMV) issued a statement warning investors not to deal with entities that have not finished the authorization process. “They will not benefit from the protection and supervisory mechanisms provided for in the aforementioned regulations,” the regulator said.

For firms that miss the deadline, the path is narrow. They can design a migration plan to move customer funds to an approved VASP, or arrange with another licensed provider to continue serving those customers after user approval. The CNMV said the plan must set a reasonable timeframe for withdrawals. Once that timeframe ends, any crypto-assets or funds not withdrawn may be transferred to an authorized entity, with notice to the affected clients.

Cris Carrascosa, CEO of ATH21, disclosed that fewer than half of all VASPs had received a MiCA license just 15 days before the ruleset application. That hints at significant service disruptions for companies and users across Europe, not just Spain.