Monday, December 4, 2023

Spain to completely implement MiCA six months ahead of July 2026 deadline.

The Markets in Crypto-Assets (MiCA) Act, the first comprehensive European Union crypto framework, is slated to go into effect nationally in December 2025, according to research by the Spanish Ministry of Economy and Digital Transformation.

According to the Ministry’s October 26 announcement, Nadia Calviño, Spain’s first vice president, met with Verena Ross, president of the European Securities and Market Authority, to discuss the government’s plan to move forward with the implementation of MiCA.

July 2026 is the general deadline for all 27 EU members to adopt MiCA. Included in it is the 36-month transitional period granted to the member states from the date of the MiCA’s publication in the EU Official Journal on June 20, 2023. Spain desires to reduce that 18-month transition period. As stated in the press release:

Spanish investors in these kinds of assets will benefit from increased protection and legal clarity as a result of this.

Large multinational cryptocurrency exchanges in Spain have been authorized locally in the interim. The central bank of Spain granted Coinbase an anti-money laundering compliance registration in September, while Kraken obtained a registration as a virtual asset service provider. The same regulatory approval was given to Crypto.com earlier in June.

This month, Spain’s central bank, Banco de España, made a public announcement alongside other European banks, readying its clientele for the possible advantages of a digital euro. “Does not allow us to exploit all the advantages offered by the growing digitalization of the economy and society,” the bank said in reference to the physical cash format.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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