The regulator stressed that, starting next July, VASPSs that had not received authorization to operate in the country will have to execute a plan to migrate their customers’ funds. They could also arrange with other approved VASPs to continue serving these customers after user approval.
Key Takeaways:
Spain’s CNMV warned that unapproved VASPs must exit by June 30, forcing market migration plans next.Cris Carrascosa of ATH21 noted that under 50% of VASPs have MiCA licenses, hinting at market disruptions.Ahead of July 1st, the EU launched a consultation to update MiCA laws on DeFi and stablecoins.The institution warns that after June 30, the MiCA ruleset transitional period for VASPs that have benefited ends, and only approved VASPs will be able to operate in the country after the date.
“This migration plan will establish a reasonable timeframe for investor withdrawals, and upon its conclusion, any crypto-assets and funds that have not been withdrawn may be transferred to authorized entities, with notification provided to the affected clients,” the regulator stressed.
Regarding users, the CNMV highlighted that investors operating unauthorized entities will not be protected by the provisions of MiCA and invited customers to review the approval registries of the institutions they use, requiring migration plans if they fail to get MiCA licenses.
