Spain's CNMV Warns Crypto Firms Ahead of MiCA Transition Deadline on June 30

Spain's securities market regulator, the CNMV, issued a statement on Monday urging virtual asset service providers (VASPs) to prepare for the imminent impact of the EU's MiCA regime, according to Bitcoin.com. The CNMV said that from June 30, VASPs that have been operating under the transition grace period will no longer be able to do so; only authorized firms will be permitted to operate in Spain. The regulator cautioned that "investors should not trade with entities that have not completed the authorization process, as those entities will not benefit from the protections and supervisory framework provided by the regulation." For VASPs still operating in Spain without MiCA authorization, the CNMV said firms may draw up a migration plan to safeguard client assets. This can include agreements with an authorized VASP to ensure customers can continue accessing crypto services. The CNMV added that such plans should set a reasonable timeframe for investor withdrawals. Once the plan is completed, any unwithdrawn cryptoassets and funds must be transferred to an authorized entity, with affected clients notified. ATH21 CEO Cris Carrascosa said that with only 15 days left before the new rules take effect, fewer than half of VASPs have obtained a MiCA license, raising the risk of significant service disruptions for European companies and users.