Spain Rules Out MiCA Deadline Extension, Tightens Pressure on Unlicensed Crypto Platforms

Spain’s financial regulator said it will allow no additional grace period or exceptions for firms seeking licenses under the European Union’s Markets in Crypto-Assets, or MiCA, regime.

Carlos San Basilio, chairman of the National Securities Market Commission, or CNMV, said on June 26 that there would be no exceptions or extensions to the MiCA deadline, according to Reuters. The regulator is in close contact with companies that failed to obtain authorization to ensure they shut down their operations.

MiCA will take effect in full next month. Crypto firms operating in the EU must secure a MiCA license by the end of June or stop providing services in the bloc.

Binance is also facing pressure. The exchange recently told EU users in an email that it would not obtain a MiCA license this month, the Financial Times reported. The message outlined service suspensions and procedures for managing assets.

San Basilio said the task is greater for large platforms such as Binance because they have millions of users across Europe. Unlicensed firms must provide customers with a clear exit plan. He added that regulators are closely reviewing whether investor rights are protected as client assets and cash are transferred to other authorized providers.