Spain’s market watchdog has made it clear: if crypto firms don’t have their licenses under the European Union’s Markets in Crypto-Assets (MiCA) framework by the end of June, they’re out of luck. No extensions. No exemptions.
On Friday, Carlos San Basilio, who chairs the National Securities Market Commission (CNMV), stated plainly that unlicensed firms must stop operating across the bloc. He said regulators are working with affected companies to ensure the transition goes as smoothly as possible, but there will be no waivers.
Binance and other major platforms under scrutiny
One firm that’s getting extra attention is Binance. It’s still trying to get regulatory approval, but its recent attempt to get licensed in Greece didn’t work out. The authorities are watching closely to see how these companies handle customer assets during this shift. They’re requiring clear plans for how to wind things down and protect investors.
San Basilio also stressed that once the deadline hits, unauthorized platforms won’t be allowed to process any new transactions. And users who keep using these unlicensed services won’t get the protections that MiCA offers. That’s a pretty big deal.
Final stage of EU crypto regulation
This is all part of a broader EU push. The European Securities and Markets Authority (ESMA) has said that the final stage of Europe’s crypto regulatory transition begins on July 1. After that date, only firms with MiCA licenses can operate in the EU.
For the unlicensed firms that are still out there, ESMA is calling for an orderly exit. They recommend stopping new customer sign-ups right away, limiting services to just asset transfers and account closures, and giving customers a clear timeline for how their assets will be protected or moved.
It’s a tough environment for companies that haven’t sorted out their compliance yet. The message from Spain and the broader EU seems to be that the grace period is truly over.
