Spain has announced its intention to implement the European Union’s comprehensive crypto framework, the Markets in Crypto-Assets (MiCA) Act, by December 2025, six months earlier than the EU’s general deadline of July 2026. This decision is expected to impact major crypto firms operating in Spain, including Binance, Coinbase, and Kraken.
The move to expedite MiCA’s implementation was prompted by a meeting between Spain’s first vice president, Nadia Calviño, and Verena Ross, the president of the European Securities and Market Authority (ESMA). Spain aims to reduce the transitional period specified in MiCA from 36 months to just 18 months, emphasising its commitment to creating a stable and secure regulatory environment for crypto assets.
MiCA introduces a comprehensive regulatory framework for crypto assets at the EU level, addressing both issuers and service providers. The regulation aims to enhance consumer and investor protection, promote financial stability and innovation, and foster the adoption of crypto assets within the EU. Spain’s proactive approach reflects a growing interest in regulating the crypto industry, not only at the national level but also across Europe.
Major international crypto exchanges operating in Spain, such as Coinbase and Kraken, have already obtained local licences, demonstrating the country’s dedication to regulatory compliance. The Banco de España, Spain’s central bank, has also joined other European institutions in exploring the potential benefits of a digital euro, citing the limitations of physical cash in the digital era.
The MiCA Regulation is highlighted as the first global standard that regulates the crypto asset market comprehensively. Exchanges that have registered as Virtual Asset Service Providers (VASPs) are expected to meet the obligations presented in MiCA, contributing to the overall global standardisation of crypto regulations.