Spain’s National Securities Market Commission, the CNMV, has confirmed that the transition period for crypto-asset service providers under the EU’s Markets in Crypto-Assets regulation ended on June 30, 2026. From July 1, only firms with full MiCA authorization are allowed to continue operating in Spain, while providers without approval lose the legal basis to serve the market.
The change matters directly for users of exchanges, wallets, and other crypto services in Spain. According to the CNMV, investors dealing with unauthorized firms after the deadline will no longer benefit from MiCA protections, including custody safeguards, segregation of client funds, and complaint-handling rights.
Only About 3 Providers Authorized in Spain
As of May 2026, only around three crypto-asset service providers had obtained CNMV authorization in Spain. That figure stands out against the size of the market before MiCA. The source notes that before the new regime, more than 1,200 VASP entities had national registrations across the EU, while by May 2026 about 210 CASPs had been authorized across 23 member states.
The shift from national registrations to full MiCA authorization points to a sharp reduction in the regulated crypto services market across Europe. Spain is a clear example: the country had an active pre-MiCA market, yet only a small number of firms completed the authorization process.
Unauthorized Firms Must Prepare Client Migration Plans
The CNMV set out specific obligations for providers that failed to secure approval before the cutoff. Those firms must prepare and communicate a client asset migration plan in advance, including deadlines, required actions, and the authorized providers to which clients can move their assets.
The regulator also said communication must be ongoing and effective, not limited to a last-minute notice. The migration plan must include a reasonable window for withdrawals and transfers. After that period closes, crypto-assets and funds that were not withdrawn may be transferred to authorized entities, provided affected clients were properly informed.
Investors Are Told to Check ESMA and CNMV Registers
The CNMV advised investors to verify the status of their provider through two public sources: the EU-wide register of authorized CASPs maintained by the European Securities and Markets Authority, and the CNMV’s own domestic register.
If a provider does not appear on either list, clients should request details of its migration plan and ask what authorized alternatives are being offered. Spain had originally set December 30, 2025 as the end of the transition period, but extended it to June 30, 2026 because the number of registered crypto-asset service providers remained low at that point. The source says that extension has now expired, with no new grace period expected.