Spain's CNMV Issues Final Warning Before MiCA Transition Ends on June 30

Spain's National Securities Market Commission (CNMV) issued a statement Monday warning virtual asset service providers (VASPs) to prepare for the end of MiCA transition rules on June 30. After that date, only authorized VASPs will be permitted to operate in the country. The regulator emphasized that investors should not conduct business with unauthorized entities, as they will not benefit from protections and oversight mechanisms outlined in the framework.

Unauthorized VASPs are required to establish migration plans to transfer customer funds to compliant entities. According to ATH21 CEO Cris Carrascosa, fewer than half of VASPs have obtained MiCA licenses with only 14 days remaining, raising concerns of potential service disruptions across European companies and users.