December 2, 2023

Spain demands accelerated application of European MiCA rules

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Spain demands accelerated application of European MiCA rules

The First Deputy Prime Minister, Acting Minister of Economy and Digital Transformation of Spain, announced her intention to halve the transition period for the implementation of common European rules for crypto regulation.

Nadia Calviño met withPresident of the European Securities and Markets Authority (ESMA) Verena Ross, discussing the situation in the country's financial system and plans to regulate the crypto-asset market.

The Deputy Prime Minister said that the governmentSpain intends to accelerate the implementation of the provisions of the Cryptocurrency Regulation Act (MiCA) and complete its implementation in Spain by the end of 2025. The head of the Ministry of Finance believes that the country will be able to quickly go through the organizational procedures necessary to create the necessary strict regulatory and supervisory environment “to ensure legal certainty and investor protection.”

According to ESMA's proposal, the new rulesRegulations on the digital asset market for EU countries should come into effect no earlier than the first half of 2026. At the same time, participating countries are given an additional transition period of 18 to 36 months to bring national legislation into line with the provisions of MiCA.

In May, the Norwegian Central Bank (Norges Bank) proposed
do not wait for the EU Cryptocurrency Bill (MiCA) to come into force, developing your own supervisory rules.