Spanish regulator National Securities Market Commission have authorized cryptocurrency platform Venga to operate under the European Union’s new Markets in Crypto-Assets Regulation.
Industry Consolidation Under Tight StandardsThe approval by Spain’s National Securities Market Commission (CNMV), comes as the transitional deadline took effect July 1. The implementation of MiCA forces digital asset firms operating under legacy national rules to either secure formal approval under the new regime or halt regulated services within the EU.
“Those companies probably approached MiCA in the wrong way: as a simple registration and not a licensing application, which would have required them to make multiple changes to their global organization and products offered in Europe,” Stroev said. “Neither was prepared for MiCA and did not fully commit to the licensing process, which should have been a transformational experience.”
As the transition period concludes, unapproved providers must suspend their regulated activities, transfer clients or exit European markets entirely. Remaining authorized platforms face continuous supervisory obligations, annual audits and regulatory oversight coordinated by the European Securities and Markets Authority.
Despite the steep compliance hurdles, Stroev maintained that the regulatory cull is necessary for long-term adoption.
