Spain’s securities regulator, CNMV, has spelled out how it plans to run MiCA in practice, using a Q&A to inform crypto companies what to expect.
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Spain’s national securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), has published a dedicated Q&A laying out how it intends to apply the European Union’s Markets in Crypto-Assets Regulation (MiCA) on the ground.
The document what crypto companies can expect on authorizations, notifications, day-to-day conduct and the transitional regime, pushing platforms toward a clear “comply or quit” decision as comes into force.
The move puts Spain alongside other EU member states, including Italy, which are actively using MiCA’s transitional flexibilities rather than allowing prolonged regulatory uncertainty.
CNMV spells out MiCA approvals
CNMV’s MiCA FAQ walks crypto-asset service providers (CASPs) through the main questions regarding authorization in Spain, clarifying how national procedures fit with MiCA.
It addresses which firms fall within the regulatory scope, how MiCA interacts with existing national rules and how entities should approach the authorization and notification processes CNMV has already put in place.
The Q&A also explains how authorization-related notifications and cross-border activity should be handled during the transitional period, stressing that companies must take transitional deadlines seriously.
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Operating during the transition
Under MiCA, member states may permit existing providers to continue operating for a limited transitional period, until July 1, 2026, or until they are granted or denied authorization, whichever comes first. However, Spain has opted for a shortened transitional period ending on Dec. 30, 2025.
Entities benefiting from the transition must obtain MiCA authorization by that date if they wish to continue providing crypto-asset services in Spain.
Companies that fail to do so will no longer be permitted to operate. Businesses must be prepared to adapt their models or cease operations, depending on the outcome of their authorization process.
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Wider supervisory tightening
The Q&A is accompanied by on how MiCA will apply to funds, venture capital vehicles and MiFID II entities, as well as updated guidance on when investment-related influencers are considered to be engaging in client acquisition. The regulator frames these measures as part of a broader effort to strengthen investor protection as MiCA enters into force.
The move follows similar action in Italy, where the of Dec. 30, 2025, for existing VASPs to apply for MiCA-style authorization or exit, with transitional operation permitted only for those that file and, in any event, no later than June 30, 2026.
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