Spain rejects MiCA deadline extensions for unlicensed crypto firms

Crypto firms operating in Spain will receive no extensions or exemptions if they fail to secure licenses under the European Union’s Markets in Crypto-Assets (MiCA) framework by the end of June.

Speaking on Friday, Carlos San Basilio, chairman of the National Securities Market Commission (CNMV), said firms that remain unlicensed must cease operations across the bloc as Spain’s market watchdog will not grant any waivers or deadline extensions. He added that regulators are coordinating with affected companies to ensure a smooth transition.

Binance, which is still seeking regulatory approval after an unsuccessful licensing attempt in Greece, was highlighted as one of the major platforms facing increased scrutiny. Authorities are closely monitoring how firms manage customer assets during the transition, requiring clear exit plans to safeguard investors.

San Basilio also stressed that unauthorized platforms will no longer be permitted to process new transactions and that users who continue to use them will not benefit from MiCA’s regulatory protections.

The European Securities and Markets Authority (ESMA) said Europe’s crypto regulatory transition will enter its final stage on July 1, when only firms licensed under the MiCA framework will be allowed to operate across the EU.

The regulator has called on unlicensed crypto service providers to begin an orderly exit by halting new customer registrations, restricting services to asset transfers and account closures, and providing customers with clear timelines for the protection and migration of their assets.