Spain Fast-Tracks Introduction of Pioneering MiCA Crypto-Assets Market Rules

Jimmy Aki
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The Spanish government has revealed its plans to implement the European Union’s Markets in Crypto Assets (MiCA) regulation at the national level by December 2025, ahead of the July 2026 deadline.

Member States Must Decide on Framework Application in Each Country

Nadia Calviño, the First Vice-President and acting Minister for the Spanish Economy and Digital Transformation, recently met with the President of the European Securities and Market Authority (ESMA) to discuss the financial system of regulation of the digital asset market.

According to an official statement released by the Ministry on October 26, Spain has proposed to implement the European Union’s (EU) all-encompassing crypto regulatory policy, known as MiCA, by December 2025.

All of the 27 EU member states must make decisions regarding the timeframe for applying this regulatory framework in their respective countries. If no decision is made, MiCA will apply from July 2026 for virtual asset service providers (VASPs), with a transitional period of up to 36 months.

However, Spain is advocating for a shorter transition period of 18 months. The official document, spanning three pages, clarifies that this period commences with the publication of the regulation on June 29, when ESMA and the

European Banking Authority (EBA) will approve the technical standards of MiCA.

Following the conclusion of the transitional phase, there will be a subsequent period of one year.

During this timeframe, the National Securities Market Commission (CNMV), a Spanish regulatory authority, will be empowered to grant authorizations to companies seeking to offer crypto asset services.

This will effectively reduce the overall timeline by six months.

An Oversight on MiCA Regulations & Spain’s Designated Authorities

The MiCA regulation is the first EU standard framework that supervises the crypto asset market holistically while establishing obligations for issuers and asset service providers.

All assets that have the status of financial instrument, deposit, single non-fungible tokens (NFTs), and the issuance of decentralized generated assets (Bitcoin) are outside MiCA’s oversight.

However, their trades on regulated exchanges would be regulated by the EU framework. Furthermore, MiCA does not cover the decentralized finance (DeFi) landscape, such as decentralized lending.

Nevertheless, the EU framework features specific rules to mitigate liquidity risk associated with crypto-assets and to prevent them from becoming a widely accepted means of payment.

To drive a free-flow implementation of MiCA policies, Spain has designated the CNMV and the Bank of Spain as competent authorities to provide oversight.

Exchanges Scores Major Expansion Heights in Spain Jurisdiction

The Spanish government has authorized crypto exchanges to provide their services to residents, marking a significant development in the country’s crypto landscape.

On June 23, Crypto.com announced that it had received Virtual Asset Service Provider (VASP) registration from the Bank of Spain, enabling it to cater to the needs of Spanish residents.

This milestone was disclosed after a meticulous review process and compliance with the nation’s Anti-Money Laundering Directive (AMLD) and other financial crime laws and measures to protect investors.

Shortly after, Coinbase secured its foothold in Spain by obtaining Anti-Money Laundering (AML) compliance registration, as revealed in an announcement on September 22.

Nana Murugesan, Coinbase’s vice president of international and business development, emphasized the importance of this license for their trading platform.

Murugesan also pointed out that the impending European Union crypto regulations (MiCA) are set to expedite Coinbase’s expansion and ongoing commitment to compliance.

With the growing crypto sector in Spain and its crypto-friendly policies, the nation has the potential to become a thriving hub for trading platforms and investors on a global scale.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.