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Crypto firms operating in Spain will receive no extensions or exemptions if they fail to secure licences under the European Union’s Markets in Crypto-Assets (MiCA) framework by the end of June.
Speaking on Friday, Carlos San Basilio, chairman of the National Securities Market Commission (CNMV), said firms that remain unlicensed must cease operations across the bloc as Spain’s market watchdog will not grant any waivers or deadline extensions. He added that regulators are coordinating with affected companies to ensure a smooth transition.
Binance, which is still seeking regulatory approval after an unsuccessful licensing attempt in Greece, was highlighted as one of the major platforms facing increased scrutiny. Authorities are closely monitoring how firms manage customer assets during the transition, requiring clear exit plans to safeguard investors.
San Basilio also stressed that unauthorised platforms will no longer be permitted to process new transactions and that users who continue to use them will not benefit from MiCA’s regulatory protections.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
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