Byline: Hannah Parker
The Spanish Ministry of Economy and Digital Transformation revealed that the first comprehensive European Union (EU) crypto framework, the Markets in Crypto-Assets (MiCA) Act, will fast-track to December 2025 before the general deadline for all 27 EU member states.
On October 26 2023, the Ministry announced that this bold move is aimed at providing legal certainty and enhanced protection for Spanish investors who are involved in cryptocurrencies. According to the report, the first Vice President of Spain, Nadia Calviño and the president of the European Securities and Market Authority, Verena Ross, have met to discuss the government’s intention to advance the implementation of MiCA.
Overview
Experts at Bitcoin Apex mentioned that July 2026 is the general deadline for implementing MiCA for all 27 member states of the EU. Since the date of publication of the MiCA in the Official Journal of the European Union in June 2023, the member states have been given 36 months to transition. According to the release, Spain wants to shorten that transaction period to 18 months. The release noted, “[This] will provide legal certainty and greater protection for Spanish investors in this type of assets”. Spain’s goal is to expedite the implementation of MiCA, ensuring that Spanish investors enjoy increased security and regulatory oversight in the crypto sector.
Crypto Exchange Developments in Spain
Similar to this regulatory move, several international cryptocurrency exchanges have made significant strides in Spain. In September 2023, Coinbase secured an Anti-Money Laundering compliance registration from Spain’s central bank, adding an extra layer of scrutiny and security for its operations. The acquisition of the registration by Coinbase meant that Spanish users would be able to retain custody of their crypto assets on Coinbase as well as buy and sell crypto assets in euros. The statement noted, “This registration will allow Coinbase to provide our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”.
The statement emphasised that almost one-third of individuals in Spain had a positive outlook on digital assets. It added, “29% of adults in Spain believe crypto is the future of finance”. Vice President of International and Business Development at Coinbase, Nana Murugesan, said, “In the last year alone, we have obtained VASP registrations in Italy, Ireland and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada”. On September 26 2023, Kraken secured a virtual asset service provider (VASP) registration from the Bank of Spain. The VASP registration allowed Kraken to offer exchange and wallet custodial services to Spanish residents. Vice President of Global Operations at Kraken, Curtis Ting, said, “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence”.
On June 23 2023, Crypto.com received regulatory approval to offer crypto services in Spain from the Bank of Spain. The regulatory approval allows Crypto.com to provide a range of crypto-focused services to customers in Spain. CEO of Crypto.com, Kris Marszalek, said, “We look forward to continuing to work with the Bank of Spain as we launch our products and services market and provide users with the comprehensive, safe and secure crypto experience that they desire”.
On October 25 2023, Spain’s central bank, Banco de España, joined a chorus of European banking institutions preparing their customers for the potential benefits of a digital euro. The bank highlighted that the physical cash format “does not allow to exploit all the advantages offered by the growing digitisation of the economy and society”. A board member called the project the most tropical in the European payment sector. The Bank of Finland Board Member, Tuomas Välimäki, said, “The possible introduction of a digital euro would give consumers the option of paying with central bank money wherever electronic payment is accepted”. Välimäki Added, “The Bank of Finland and the European Payments Council are also involved in creating a Finnish instant payment solution. This payment solution will be based on credit transfer and not depend on payment card rails”.
The published text highlighted the possibility of offline payments with the digital euro and emphasised that its level of privacy is equivalent to cash. They also made reservations that in the online form, users’ data would still be visible only to their financial institutions and not to the CBDC infrastructure provider, Eurosystem. On October 18 2023, the preparation phase was launched and said to be concluded by 2025, although a final decision on issuing a pan-EU CBDC is yet to be made. The European Central Bank (ECB) shared a link to the landing page dedicated to basic information about the digital euro and promised to deliver a more leisurely life and a stronger Europe.
Spain has taken a positive approach to crypto and is determined to exploit its benefits fully. The move made by Spain to implement the Markets in Crypto-Assets Acts by December 2025 shows how determined the country is to stay relevant and efficient in an increasingly digital financial landscape.
