The Spanish National Securities Market Commission has developed MiCA transition rules for crypto platforms.
PANews reported on December 17th that, according to Cryptopolitan, the Spanish National Securities Market Commission (CNMV) has released new guidelines outlining how it will implement the EU's Crypto Asset Market Regulation (MiCA) for the country's financial ecosystem. Late Monday, the regulator released a detailed Q&A document covering investor protection, licensing and regulation of cryptocurrency platforms and investment entities. Spain is attempting to join the European digital asset regulatory system under the MiCA framework to harmonize market regulation, consumer protection, and licensing requirements for Virtual Asset Service Providers (VASPs).
In its announcement, the CNMV revised two existing Q&A documents: one concerning Institutional Investors (IICs) and Venture Capital Entities (ECRs), and the other covering the application of the EU Markets in Financial Instruments Directive II (MiFID II). Additionally, a new section specifically for MiCAs has been added, alongside the Institutional Investors section, including "Institutional Investors for Liberty" (IICIL). In this section, the regulator clarifies how to set restrictions on periodic redemptions of investment vehicles investing in "evergreen funds." Spain's adoption of MiCAs will allow some retail investors to access cryptocurrencies through liberal investment funds, as the government seeks to expand access to the digital asset market under laws protecting investors. Furthermore, according to the CNMV guidelines, venture capital entities now bear greater transparency obligations. The CNMV announcement indicates that the transition period for MiCA rules will last until July 1, 2026.
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