The National Securities Market Commission (CNMV) has warned that, as of July 1, only entities with the corresponding authorization will be able to benefit from the protection provided for in the regulation on crypto-asset markets (MiCA regulation), at which point the regulation will begin to be fully applied.
In an informative note, the supervisory body has specified that, from that date, "only providers who have obtained the necessary authorization will be able to operate in Spain".
Therefore, the CNMV insists that investors should refrain from contracting or maintaining relationships with platforms or providers that have not completed the authorization process, as these entities will lack the supervision systems and protection guarantees provided for in MiCA.
In this context, crypto-asset service providers that do not obtain the required authorization to continue developing their activity in Spain before July 1 "must have an effective migration plan for their clients".
That plan will have to include the option for users to transfer the crypto-assets they hold in custody to other addresses and the funds associated with cash accounts, and for this entire procedure to be articulated "with the necessary security and anti-money laundering regulatory compliance measures".
Affected entities may also agree with another provider that is authorized to operate, so that each client can accept the transfer of their crypto-assets to that new provider, through which they can continue their operations once the required identification processes are completed.
The supervisor emphasizes that it is essential for these providers to carry out "efficient and continuous communication work with their clients in sufficient time to clearly inform them of this situation and the migration plan that will be carried out", detailing the planned deadlines and the actions that will result.
Within this migration plan, a reasonable period will be set for investors to withdraw their crypto-assets and money. Once this period has ended, any digital assets and funds that remain unwithdrawn may be transferred to authorized entities, with affected clients being informed of this.