[CryptoNews]
Spain has unveiled plans to reduce the transition period before the application of the Markets in Crypto Assets (MiCA) regulation.
A recent publication from the government shows a meeting with the first vice president Nadia Calvino and Verena Ross, the President of the European Securities and Market Authority (ESMA) to bring the country’s regulatory framework up to date, beating the deadline by six months.
July 2026 is the deadline for all 27 member states to implement the regulations of the law. The law was hailed as the first landmark attempt to widen market regulations giving member states a 36-month transition period to bring all sectors of the local market in conformity to the regulations law.
Spain’s quick attempt at local regulations will see the law swing into effect in December 2025, 18 months earlier than the deadline as the Economic Ministry cites the need to protect investors and users of crypto assets.
“It will provide legal certainty and greater protection for Spanish investors in this type of asset.”
The early implementation of the law will affect international digital assets firms like Coinbase, Kraken, and Binance who have obtained licenses to operate locally.
The implementation of the move goes to the fact that all stakeholders will have to fast-track compliance before December 2025. It should be noted that the above-listed exchanges have stated that they will be regulatory compliant in all jurisdictions.
Nations move to be MiCA complaint
Since the signing of MiCA by the European Union (EU), several countries have pushed to become compliant with the regulations before the deadline.
The European Securities and Markets Authority (ESMA) has also called on member states to fast-track the application of the laws in their respective countries.
Similar moves have also been made to stakeholders like digital asset exchanges and stablecoin issuers to begin preparations ahead of the final to be on the side of caution and to avoid the receiving end of the law.
Investor protection has always been around global crypto circles following the major market collapses in 2022 (Terra Network and FTX) which saw billions wiped off the market.
Like MiCA Spain prepares for Digital Euro
Banco de España, Spain’s central bank has informed its citizens of the potential benefits of the digital Euro, the Central Bank Digital Currency (CBDC) of the European Union.
In an Oct 19 document, the bank highlights the nature of the currency adding that it will connect users with a smooth mix of digital transactions and cross-border settlements.
Central Bank of Spain Embraces Digital Euro, Highlights Benefits for Customers
Banco de España is aligning with its European counterparts to introduce their customers to the possibilities of the digital euro.#CryptoNews #Spainhttps://t.co/ThplMMNwf2
— Cryptonews.com (@cryptonews) October 26, 2023
Though many European countries have maintained a positive approach to the CBDC, privacy departments have flagged potential data breaches by Central Banks and their licensed private firms m.
The post Spain Moves to Adopt MiCA Six Months Before Deadline, Cites Investor Protection: Here’s More appeared first on Cryptonews.
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