According to ChainCatcher, citing Bitcoin.com, Spain’s National Securities Market Commission (CNMV) issued a statement on Monday warning virtual asset service providers, or VASPs, to pay close attention to the consequences of the upcoming MiCA framework. The regulator stressed that after June 30, the grace period granted to VASPs benefiting from the transitional arrangement will come to an end. From that point, only authorized VASPs will be able to operate in Spain.
CNMV also issued a direct warning to investors regarding entities that have not completed the authorization process. The regulator stated: “Investors should not deal with entities that have not completed the authorization procedure, as they will not be able to enjoy the protection and supervision mechanisms provided for in the aforementioned regulations.” In CNMV’s framing, authorization under MiCA is not only an operational requirement for service providers, but also the basis for investor protection and regulatory oversight.
For VASPs that are not authorized under MiCA to operate in Spain, CNMV said they may design migration plans to manage client funds. These plans can include agreements with other VASPs that have already obtained authorization, allowing clients to continue receiving crypto services through an authorized entity rather than being left without a service path once the transition period closes.
The regulator further emphasized how such migration plans should handle withdrawals and asset transfers. CNMV said: “The migration plan will establish a reasonable timeframe for investors to withdraw funds, and after completion, any crypto assets and funds not withdrawn may be transferred to an authorized entity, with affected clients being notified.” This places the withdrawal window, any transfer of remaining assets, and customer notification within the same compliance process.
Cris Carrascosa, CEO of ATH21, said that with only 15 days remaining before the rules take effect, fewer than half of VASPs have obtained a MiCA license. She said this indicates that European companies and users may face serious service disruptions. CNMV’s message centers on the need for providers to either complete authorization or prepare a migration route before the grace period ends, while investors are urged to avoid entities that have not completed the authorization process.