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The CNMV reinforced its teams and launched an information campaign to prepare investors.
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Despite the new regulation, the institution warns that the risks in the sector persist.
Spain and the rest of the countries of the European Union (EU) are preparing for the entry into force of the Regulation for the Cryptoasset Market (MiCA) as of January 1 next year.
With just a few months left for this event to materialize, organizations such as the National Securities Commission (CNMV) – the entity in charge of supervising the sector – express their concern. due to the repercussions of regulationmainly during the one-year transition period that will run throughout 2025, and which is known as the grand-fathering period or period of acquired rights.
This is what the president, Rodrigo Buenaventura, has shown, expressing his concerns on the protection of Cryptocurrency investors during that time of transition.
As CriptoNoticias reported, last October the Spanish government decided to advance the entry into force of MiCA in the country, shortening to 18 months the transitional period of application of the regulations. In this way, the period to adjust the current laws to the Regulation was stipulated in one year.
«MiCA, a pioneering regulation in the world, will be launched in Spain in December 2025 with the aim of creating a stable regulatory and supervisory framework that provides legal certainty and protects investors in relation to the provision of cryptoasset services», stated the Ministry of Economic Affairs and Digital Transformation
According to the president of the CNMV, the regulations are expected to have a considerable impact on the Spanish market. In this sense, it warns that the risks associated with these assets they don’t disappear with the new law. “MiCA does not eliminate crypto risks,” said Buenaventura during his most recent appearance before the Congress of Deputies.
The arrival of a rule that regulates cryptocurrencies, and those who sell them, can generate a feeling of false security in citizens in the sense of thinking that since they have been regulated since January, the risks associated with cryptocurrencies disappear. But the risks of the cryptocurrency industry are not eliminated by magic.
Rodrigo Buenaventura, president of the CNMV.
Among the main concerns expressed by the official is the fact that during this transitional time, companies that do not yet have a MiCA license will be able to continue operating.
This means that in 2025, cryptoasset service providers who are already registered with the new MiCA license will coexist with those who have not yet complied with the regulations. A situation that can cause a lot of confusionaccording to the signs by Monserrat Martínez Parera, vice president of the CNMV.
Hence, the organization has launched a series of actions, in order to adjust as soon as possible to the regulation. “In recent months we have been especially active, holding meetings and organizing workshops, and also trying to help resolve issues regarding the application of MiCA,” Martínez said.
He adds that they have been sending letters to investment services companies, and to suppliers registered in Bitcoin-espana/”>the registry of the Bank of Spain. “We applied a questionnaire on our website for the rest of the entities that would like to contact us and published a detailed manual that describes the documentation to be presented and the forms necessary to do so.”
Also The CNMV team was reinforced and an information campaign was launched to prepare investors. However, it is considered that there are many challenges that must be faced once Mica comes into force.
The European Securities and Markets Authority (ESMA) has already spoken about this, calling to prevent “complex and opaque” bitcoin (BTC) companies. operate in the EU in the transitional period.
The idea is to prevent, prior to the entry into force of the Law, some cryptocurrency platforms from trying to exploit the regulatory differences that currently exist between countries, trying to operate in the EU from abroad with the laws in force, taking advantage of the fact that the majority of the regulators will have limited powers to supervise to those who benefit from the transitional period.
Only 9% of cryptocurrency companies are ready for MiCA. Source: Acuiti.
For the CNMV, investors are not protected with MiCA
Regarding the progress in adapting the laws in force in Spain to MiCA, the vice president of the CNMV indicated that only a few pieces remain pending. “For example, ESMA still has to develop the unified registry of white papers that the supervisors will send to it.”
They are also being finalized ESMA guides on the nature of cryptoassets and “we are strengthening convergence mechanisms to ensure that all EU supervisors have homogeneous approaches on how to interpret the law in different business models or how to apply asset segregation requirements, among others.”
However, although MiCA is considered to be a complete and innovative law, both the president and vice president of the CNMV consider that the Regulation will offer the investor Less protection than you currently get with other productssuch as stocks or investment funds.
«It is true that MiCA gives us powers to control the use of insider information and price manipulation, but the challenge will undoubtedly be huge, in highly cross-border markets.
Furthermore, we do not have a daily transaction report, as exists in the stock markets,” said Monserrat Martínez, insisting that special attention should be paid. to those business models whose main activity is not in Europebut that operate in the region.
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