• Sat. Jul 13th, 2024

Spain Leads MiCA Implementation, Set December 2025 Deadline

Steve Kornacki

BySteve Kornacki

Nov 1, 2023

Anticipating The December 2025 Deadline

In a significant step toward regulating the fast-evolving crypto market, the Spanish Ministry of Economy and Digital Transformation has announced the national enforcement of the Markets in Crypto Assets (MiCA) regulation, which is set to take effect in December 2025. The announcement follows a high-level meeting between Nadia Calvino (Spain’s first vice president) and the president of the European Securities and Markets Authority (Verena Ross).

During the meeting, the Spanish government reaffirmed its commitment to accelerating MiCA adoption and implementation, allowing the European Union to establish a comprehensive regulatory framework for crypto assets. MiCA, lauded as the EU’s first detailed crypto regulation, represents a concerted effort to address the unique challenges posed by the digital asset landscape.

It aims to protect consumers, maintain market integrity, and promote innovation in this rapidly changing industry. The country’s proactive stance on MiCA highlights its commitment to shaping the future of cryptocurrency regulation across the European Union.

Accelerating MiCA Implementation

Spain is expediting action on adopting the MiCA Act, even though the EU-wide deadline for implementing MiCA across all 27 member states is July 2026. However, there is a 36-month transition period starting from June 2023, after the policy’s publication in the Official Journal of the European Union.

Meanwhile, Spain is aiming for a shorter transition period of 18 months to provide faster legal certainty and enhanced protection for Spanish investors exposed to virtual currencies. This initiative is consistent with the government’s commitment to addressing the challenges posed by the rapidly evolving crypto landscape while maintaining financial market integrity.

While the MiCA act is a revolutionary step toward comprehensive crypto regulation across the EU bloc, Spain’s push for a shorter transition period shows the country’s determination to enable a balanced and forward-thinking regulatory framework for its local crypto industry.

Granting License To International Firms

Major international crypto exchanges operating in Spain have recently received their local operational licenses, marking a significant step toward regulatory compliance. Coinbase received an Anti-Money Laundering (AML) compliance registration from Spain’s central bank in September, demonstrating its commitment to financial security best practices.

Kraken quickly followed suit, obtaining a virtual asset service provider registration, bolstering the exchange’s reputation as a reliable player in the global crypto space. Before Coinbase and Kraken, Crypto.com received the same regulatory approval in June, establishing the platform as a formidable force in the Spanish cryptocurrency market.

Furthermore, the country’s central bank, Banco de Espana, recently expressed its support for the digital euro, stating that it has a lot of benefits. This support is consistent with a broader trend among European banking institutions investigating the possible launch of the digital version of their fiat currencies.

Their moves indicate an imminent fundamental change in the future of monetary transactions.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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