The MiCA law on cryptocurrencies will come into effect in Spain on July 1st.
Spain closes the transitional period for cryptocurrency exchanges in the country on July 1st. From that date, registration and an operating license will be mandatory in accordance with the MiCA law
Companies offering the purchase, sale, and custody of cryptocurrencies in Spain must have permits to operate in the country from July 1st, the date on which the regulations in this market established by the MiCA law come into effect.
According to industry analysts, exchanges and other service providers must be duly registered with the National Securities Market Commission (CNMV) by July 1st; otherwise, they must cease operations immediately.
There are 56 entities in Spain licensed to offer crypto services; among them are BBVA, CaixaBank, and OpenBank (Santander Group). All are considered benchmarks in the national crypto market.
The MiCA law aims to provide security, transparency, and oversight to transactions. The end of the transition period represents a significant reduction in the number of operators who will no longer be able to offer their services.
M.Pino
With information from international media
(Reference image source: Sasun Bughdaryan on Unsplash)
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