Spain brings forward the implementation of the world’s first crypto-assets market regulation

Spain is taking a significant step by expediting the implementation of MiCA by six months, to December 2025, becoming a pioneer in regulating the global crypto-assets market. This move is driven by the desire to provide legal certainty and enhance investor protection in the rapidly evolving crypto-asset landscape.
The decision was announced following a meeting between Spain’s First Vice-President and acting Minister for the Economy and Digital Transformation, Nadia Calviño and the President of ESMA, Verena Ross. MiCA represents the first comprehensive global standard for the crypto-asset market, covering issuers and service providers (eventid=21482). Notably, it excludes certain crypto-assets like Bitcoin but regulates their trading on platforms.
To recall, MiCA introduces licensing requirements for issuers, mandating them to submit a white paper and adhere to prudential, corporate governance, and investor protection rules. CASPs, including custody and exchange platforms, are subjected to rules similar to MiFID investment services firms and must obtain authorization from CNMV. Spain’s accelerated implementation involves a transitional period, during which ESMA and EBA will develop technical standards (eventid=22108, eventid=23294, eventid=23327, eventid=23528, eventid=23529, eventid=23530, eventid=23566) followed by a one-year period for the CNMV to grant authorizations, effectively shortening the overall timeline by six months. This proactive approach aligns with ESMA’s recommendations and aims to provide Spanish investors with greater certainty and protection in the crypto-asset market.