Cryptocurrency companies operating in Spain will not receive an extension or exemption if they fail to obtain a license under the European Union’s Market for Cryptoassets (MiCA) framework by the end of June.
Carlos San Basilio, head of the National Securities Market Commission (CNMV), said in a speech on Friday that companies that remain unlicensed must cease operations across the bloc, as Spain’s market watchdog will not grant any exemptions or extensions. He added that regulators are working with affected businesses to ensure a smooth transition.
Binance is still seeking regulatory approval after a failed licensing attempt in Greece, and was singled out as one of the major platforms facing increased scrutiny. Regulators are closely monitoring how companies manage customer assets during the transition period and are requiring clear exit plans to protect investors.
Mr. Sanbasilio also stressed that unlicensed platforms will no longer be allowed to process new transactions and users who continue to use those platforms will no longer benefit from MiCA’s regulatory protections.
The European Securities and Markets Authority (ESMA) has announced that Europe’s crypto regulatory transition will enter its final stages on July 1, with only companies licensed under the MiCA framework being allowed to operate across the EU.
Regulators are asking unlicensed cryptocurrency service providers to begin an orderly exit by suspending new customer registrations, limiting services to asset transfers and account closures, and providing customers with clear timelines for asset protection and migration.
