Spain’s CNMV Lays Out MiCA Rules, Tells Crypto Firms: Comply or Quit

What Did Spain Publish and Why Does It Matter?

Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), has released a detailed Q&A explaining how it will apply the European Union’s Markets in Crypto-Assets Regulation (MiCA). The document sets out what crypto-asset service providers (CASPs) can expect on authorization, notification, day-to-day supervision and the rules governing the transition into full MiCA compliance.

The Q&A pushes firms toward a clear decision point as the regulation comes into effect: secure authorization under MiCA or prepare to exit the Spanish market. By taking this approach now, Spain joins other EU states — including Italy — that are leaning into MiCA’s transition tools rather than deferring enforcement. It also reinforces the EU’s message that MiCA is not a soft landing but a binding businesses.

Investor Takeaway

How Will Authorization Work Under Spain’s MiCA Process?

The CNMV’s Q&A walks companies through the authorization workflow, explaining which entities fall under MiCA and how Spain’s national procedures interact with the EU-level framework. The document clarifies how firms should approach applications already in progress, what information must be submitted and how the CNMV will assess cross-border operations during the transition.

The regulator spells out the interaction between MiCA and Spain’s pre-existing rules, including when CASPs need both national and EU filings and how notifications should be handled. The guidance also highlights that authorization-related notifications carry real weight during the transition — delays or incomplete filings can jeopardize the right to keep operating.

For firms serving multiple EU jurisdictions, the Q&A outlines how cross-border activity will be treated until full MiCA passports become available. The message is blunt: transitional operation is permitted, but not indefinite or guaranteed. Companies relying on the temporary regime must be actively preparing for authorization.

What Is Spain’s Transitional Timeline — and Why Is It Shorter?

MiCA allows member states to let existing providers operate for a transitional period until July 1, 2026, or until authorization is granted or denied. Spain has opted for a shorter window that ends on Dec. 30, 2025. later than that date, only fully authorized CASPs may continue providing services in the country.

This decision forces firms to accelerate their preparations. Those that do not apply — or do not meet required standards — will lose the ability to operate. The CNMV’s message is consistent throughout the Q&A: firms cannot depend on leniency or late extensions. They must either adapt their operations to meet MiCA’s requirements or prepare to exit the market.

Italy has adopted a similar stance. The Italian regulator CONSOB also set a Dec. 30, 2025 deadline for existing VASPs to secure MiCA-style authorization or leave the market, allowing transitional operations only for firms that file before that point and, in all cases, no later than June 30, 2026. Spain’s approach therefore aligns with a growing number of member states that want a predictable and compressed transition rather than a prolonged adjustment period.

Investor Takeaway

What Other Supervisory Measures Did CNMV Introduce?

Alongside the Q&A, the CNMV published additional criteria for how MiCA will apply to funds, . The regulator also updated on when investment-related influencers are considered to be engaging in client acquisition — a topic that has drawn increased attention as marketing rules tighten across the EU.

These updates fit into a broader supervisory push ahead of . By clarifying grey areas now, the CNMV is trying to reduce amlargeuity for firms that must make operational decisions well before the final 2025 deadlines. It also signals closer coordination with other EU regulators that are preparing their own interpretations and enforcement tools.

What Comes Next for CASPs in Spain?

Firms operating in Spain must now review whether they fall within MiCA’s scope, assess their internal structures and determine how rapidly they can prepare a complete authorization package. The Q&A offers clarity, but not comfort: Spain expects CASPs to be ready, organized and in line with MiCA well before Dec. 30, 2025.

Whether firms stay or leave will depend on their ability to meet the new framework’s requirements. For now, Spain has made one thing clear — the transition is real, the deadlines are set and MiCA compliance is not optional.