The Spanish CNMV issued an emergency warning before the end of the MiCA transition period on June 30
According to Bitcoin.com, the Spanish National Securities Market Commission (CNMV) issued a statement on Monday warning virtual asset service providers (VASP) to pay attention to the upcoming consequences of the MiCA framework. The agency emphasized that after June 30, the grace period for VASP benefiting from the transitional period will end, and only authorized VASP will be able to operate in the country. CNMV stated, "Investors should not deal with entities that have not completed the authorization process, as they will not be able to enjoy the protections and oversight mechanisms provided by the aforementioned regulations."
VASP that are not authorized to operate in Spain under MiCA can design migration plans to manage customer funds, including agreements with other authorized VASP to allow customers to continue receiving crypto services. The regulatory agency emphasized, "The migration plan will set a reasonable timeframe for investors to withdraw, and after completion, any unwithdrawn crypto assets and funds may be transferred to authorized entities, with affected customers being notified." ATH21 CEO Cris Carrascosa revealed that with only 15 days left until the rules take effect, less than half of the VASP have obtained MiCA licenses, indicating that European companies and users may face serious service disruptions.
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