Spain’s Regulator Rejects Extension for EU Crypto Licence Deadline Under MiCA
Spain’s Stance on MiCA Licence Deadline and Implications for Crypto Firms
Regulator’s Firm Position on Deadline
MADRID, June 26 (Reuters) - Spain's market watchdog will grant no extensions or waivers to crypto firms that fail to secure licences under the EU's landmark MiCA regime, its chair Carlos San Basilio said on Friday, when asked about major platforms, including Binance, which do not have licences.
MiCA Licence Requirements and Timeline
• Crypto companies have until the end of June to secure MiCA licences or wind down operations in the EU
Official Statement from Carlos San Basilio
• San Basilio said at an event in Santander that "there will be no exceptions or extensions" to the deadline, adding the regulator is in close contact with firms that have not obtained authorisation to ensure an orderly wind-down of operations.
Impact on Major Crypto Platforms
Binance’s Response and Challenges
• Earlier this week, crypto platform Binance vowed to stay in the EU as it was trying to make a fresh push for permission to operate there, after its attempt to get a licence in Greece failed, threatening access for millions of users.
• Asked about Binance, San Basilio acknowledged the challenge is greater for platforms with millions of users across Europe, saying regulators are monitoring how they transfer client assets and cash to other providers while safeguarding investor rights.
Regulatory Oversight and Investor Protection
• "What we are concerned about, however, is how this period – the end of the transitional period – will unfold, and how the adaptation to the new environment will take place; that is why we are in contact with the organisations that have not been granted a licence," he said.
Customer Protection and Enforcement
Ensuring an Orderly Transition
• The CNMV's priority is to ensure customers are protected during the transition, requiring firms to clearly communicate their exit plans, he said.
Consequences for Investors and Platforms
• Investors will not be able to carry out new transactions with unauthorised platforms and would not benefit from MiCA protections if they do so, he added.
• Enforcement of the regulations is down to each individual member state, though there are proposals to give the European Securities and Markets Authority (ESMA) greater powers in future.
(Reporting by Jesús Aguado; additional reporting by Elizabeth Howcroft; editing by Chizu Nomiyama )
