Spain's market watchdog has ruled out any extensions to the EU's deadline for crypto firms to secure licences under the MiCA regime. The deadline, which is at the end of June, will be strictly enforced by the regulator.
CNMV chair Carlos San Basilio said that 'there will be no exceptions or extensions' to the deadline, adding that the regulator is in close contact with firms that have not obtained authorisation to ensure an orderly wind-down of operations. This includes major platforms such as Binance, which has vowed to stay in the EU and is trying to make a fresh push for permission to operate there.
San Basilio acknowledged that the challenge is greater for platforms with millions of users across Europe, saying regulators are monitoring how they transfer client assets and cash to other providers while safeguarding investor rights. The CNMV's priority is to ensure customers are protected during the transition, requiring firms to clearly communicate their exit plans.
Investors will not be able to carry out new transactions with unauthorised platforms and would not benefit from MiCA protections if they do so, San Basilio added. Enforcement of the regulations is down to each individual member state, though there are proposals to give the European Securities and Markets Authority (ESMA) greater powers in future.