Spain to Implement EU's Crypto Framework Early, Offers Greater Investor Protection
Summary:
Spain plans to adopt the Markets in Crypto Assets (MiCA) Act, a European Union framework for cryptocurrency regulation, by December 2025, a year earlier than the July 2026 deadline for all EU member states. The decision, announced by Spain's Ministry of Economy and Digital Transformation, is aimed at ensuring legal certainty and increased protection for Spanish crypto-asset investors. Additionally, international crypto exchanges like Coinbase and Kraken have received local licenses to operate in Spain. This follows the recent public endorsement of a digital euro by Banco de España.
Spain's Ministry of Economy and Digital Transformation has announced that the country will adopt the Markets in Crypto Assets (MiCA) Act, a broad European Union framework for cryptocurrency regulation, by December 2025. This disclosure was contained in a statement by the ministry on the 26th of October following a meeting between Spain's First Vice President, Nadia Calvino, and Verena Ross, the President of the European Securities and Market Authority (ESMA), to discuss speeding up the enactment of MiCA.
While the overall deadline for all 27 EU member states to enforce MiCA is set for July 2026, Spain plans to reduce this transitional period to only 18 months. According to the release from the Spanish authorities, this will guarantee legal certainty and increased protection for Spanish investors in these assets.
In other developments, major international crypto exchanges operating in Spain have received local licenses. In September, Coinbase earned an Anti-Money Laundering (AML) compliance registration from Spain's main bank, while Kraken got a virtual asset service provider (VASP) license. Crypto.com received similar regulatory approval back in June.
Moreover, earlier this month, Banco de España joined a growing list of European banks that are informing their customers about the potential benefits of a digital euro, emphasizing that physical cash limits the advantages brought about by the expanding digitization of the economy and society.
Published At
10/31/2023 7:58:56 AM
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