The Spanish National Securities Market Commission has established MiCA transitional rules for crypto platforms

According to market news, the Spanish National Securities Market Commission (CNMV) has published new guidelines outlining how it will implement the EU's Markets in Crypto-Assets Regulation (MiCA) for the country's financial ecosystem. The regulatory body released a detailed Q&A document addressing investor protection, licensing, and regulation of cryptocurrency platforms and investment entities.

Spain is attempting to join the European digital asset regulatory framework under MiCA to unify market regulation, consumer protection, and licensing requirements for virtual asset service providers (VASP). In its announcement, the CNMV modified two existing Q&A documents: one concerning collective investment institutions (IICs) and venture capital entities (ECRs), and another covering the application of the EU's Markets in Financial Instruments Directive II (MiFID II). Additionally, a dedicated section for MiCA was newly added, alongside the collective investment institutions section, which includes "Free Investment Collective Investment Institutions" (IICIL). In this section, the regulator clarified how to set limits on the periodic redemption of investment tools investing in "evergreen funds."

Spain's adoption of MiCA will allow some retail investors to access cryptocurrencies through free investment funds, as the government seeks to expand access to the digital asset market under relevant laws protecting investors. Furthermore, according to the CNMV's guidelines, venture capital entities now bear greater transparency obligations. From the CNMV's announcement, the transition period for MiCA rules will last until July 1, 2026.