Spain Accelerates Path to MiCA: Crypto Regulations to Start in 2025

Tuesday, 31/10/2023 | 12:27 GMT by Tareq Sikder

The announcement followed a meeting between Spain's first Vice President and the President of the ESMA.

The EU has set a general deadline for MiCA implementation across its 27 member states, scheduled for July 2026.

The Spanish Ministry of Economy and Digital Transformation has announced the European Union's Markets in Crypto-Assets (MiCA) Act. The first comprehensive crypto regulatory framework in the EU is set to be enacted on a national level in December 2025. This move occurred as Spain is seeking to accelerate the implementation of MiCA, with the aim of providing enhanced legal protection and certainty to Spanish investors in the crypto space.

Spain's Accelerated Adoption of MiCA

The announcement was made on October 26. It followed a meeting between the first Vice President of Spain, Nadia Calviño, and the President of the European Securities and Market Authority, Verena Ross. During their discussions, the Spanish government expressed its intention to fast-track the adoption of MiCA, a regulation designed to govern crypto activities within the EU.

The EU's general deadline for the implementation of MiCA across all 27 member states is July 2026. This deadline includes a 36-month transitional period. It commenced with the publication of MiCA in the Official Journal of the European Union in June 2023. However, Spain seeks to significantly reduce this transitional period to just 18 months, citing its objectives as providing "legal certainty and greater protection for Spanish investors in this type of assets."

Crypto Exchanges Embrace Regulatory Compliance in Spain

Several international cryptocurrency exchanges operating in Spain have received local licenses. In September, Coinbase secured Anti-Money Laundering compliance registration from Spain's central bank, while Kraken obtained virtual asset service provider registration. In June, Crypto.com received similar regulatory approval.

This month, Banco de España, Spain's central bank, joined a growing number of European banking institutions in exploring the potential benefits of a digital euro. The central bank emphasized that physical cash no longer fully exploits the advantages offered by the digitalization of the economy and society. It signals a potential shift toward a more digitally oriented financial landscape.

As Spain positions itself to implement the MiCA framework, the nation is taking steps to regulate and embrace the growing cryptocurrency and digital asset industry, fostering a secure and transparent environment for both investors and market participants.