Spain is in the process of putting the EU Regulation on the Regulation of the Encrypted Assets Market into an exercise phase. The National Securities Market Commission (CNMV) indicated that an encrypted company that had not obtained a MiCA licence by the end of June would have to cease operations and would not be granted an extension or exemption.
CNMV explicitly has no grace period
The Chairman of CNMV, Carlos San Basilio, stated that after the end of June, the unlicensed platform had to be terminated immediately. The regulatory standards indicate that this requirement applies not only to local Spanish operations, but also to the eligibility of relevant institutions to continue to operate on the EU market.
MiCA is the European Union's unified regulatory framework for encryption. For platforms that rely on the EU market for their operations, the failure to hold a licence under the regulatory system of member States means that their compliance space will significantly shrink.
Platforms are not authorized to handle new transactions
CNMV also stressed that unauthorized platforms could not continue to process new transactions beyond the deadline. This means that the pace of withdrawal will be significantly reduced while the companies concerned are not able to maintain the new business while delaying exit arrangements.
In terms of regulatory statements, Spain is focusing its implementation on “stopping new business” and “ordered exit” in order to avoid a platform that continues to absorb customers or expand risk exposures without a licence.
Companies are required to submit exit programmes
In the case of companies that fail to hold cards on time, the regulator requires them to submit a clear exit plan on how to protect the customer ' s assets during the closure process. Regulators will also follow up on these arrangements to reduce the financial and operational risks faced by users during the transition phase.
This also reflects one of the core objectives of the MiCA, which is to minimize the losses incurred by bulk users as a result of the lack of transparency of information or the disruption of processes when the platform exits or business adjustments.
The situation of Binance is of concern
It is mentioned that Binance is one of the platforms that is currently under attention. The company ' s previous application for licence plates in Greece was not approved and is still seeking the relevant approval of the MiCA. As the end of June approached, its follow-up arrangements in the EU market received outside attention.
For users, the continued use of unlicensed platforms would deprive them of investor protection under the MiCA system, including complaints mechanisms, information disclosure requirements and uniform compliance safeguards. This statement by Spain also means that the implementation of the MiCA in Europe is at a more stringent stage.