Spain’s cryptocurrency landscape is undergoing significant regulatory changes as the Comisión Nacional del Mercado de Valores (CNMV) announced this Tuesday the adoption of five new development directives for the MiCA (Markets in Crypto-Assets) Regulation, which it has communicated to the European Securities and Markets Authority (ESMA).
The Spanish market supervisor has stated that these guidelines will take immediate effect, and within its supervisory powers, it will monitor their application by the entities to which these criteria apply.
The new regulatory framework focuses on several key areas that crypto investors should be aware of:
First, the CNMV has established suitability requirements for crypto asset investors, similar to those under MiFID regulations. This means crypto investors will now be subject to evaluation by entities, ensuring they understand the risks involved in crypto investments.
Second, the directives include specific guidelines on client information disclosure. Crypto service providers must now establish, implement, and maintain policies regarding client information about services and conditions, executed transfers, execution timeframes, transfer deadlines, and procedures for execution, rejection, return, or suspension of transfers. Providers will also be held responsible for unauthorized or incorrect transfers.
MiCA Regulation. Image source: CNMV on X.
Third, the CNMV has introduced a classification system for crypto assets. This includes templates that providers must complete when classifying crypto assets and a flow diagram to help authorities and affected parties determine whether an instrument is a crypto asset, whether it falls under MiCA regulation, and if so, whether it’s an asset-referenced token, an electronic money token, or another type of crypto asset.
Fourth, the regulator has adopted guidelines regarding situations where companies from third countries are considered to be soliciting clients established or located in the European Union, along with supervisory practices to detect and prevent evasion of reverse solicitation exemption.
Finally, the CNMV has embraced directives on security access systems and protocols for providers and entities requesting admission to trade crypto assets other than asset-referenced tokens and electronic money tokens.
Aligning with the European framework
These new regulations align with the broader European framework while adapting to the specific characteristics of crypto assets. The CNMV’s approach aims to ensure consistency between MiFID and MiCA regulations, particularly regarding periodic portfolio management account statements.
For Spanish crypto investors and service providers, these changes represent a significant shift toward greater transparency, security, and accountability in the crypto market. Compliance with these new directives will be mandatory, and the CNMV will actively supervise their implementation.
As the crypto sector continues to mature in Spain, investors should stay informed about these regulatory developments and ensure they work with compliant service providers to protect their investments and rights.
Sources:
- Europa Press – https://www.europapress.es/economia/finanzas-00340/noticia-cnmv-adopta-cinco-directrices-desarrollo-reglamento-mica-criptoactivos-20250513111735.html
