The Spanish Ministry of Economy and Digital Transformation has revealed that Spain will implement MiCA 6 months earlier than its 2026 deadline. According to an official statement released on 26 October 2023, the first vice president of Spain convened with the president of the European Securities and Market Authority to deliberate the Spanish government's intentions for expediting the implementation of MiCA.

It is worth pointing out that the overarching deadline for MiCA's implementation among all 27 EU member states is July 2026. This deadline encompasses a 36-month transitional period beginning from the date of MiCA's publication in the Official Journal of the European Union in June 2023. Spain, however, aims to truncate this transition period to a mere 18 months.

In the words of the official statement, this acceleration is projected to offer legal certainty and greater protection for Spanish investors in this type of asset. Meanwhile, prominent international cryptocurrency exchanges operating in Spain have been granted local licenses. In September 2023, Coinbase obtained an Anti-Money Laundering compliance registration from Spain's central bank, while Kraken secured a virtual asset service provider registration.

Prior to these developments, in June 2023, Crypto.com also received the same regulatory approval. In the same month, Spain's central bank has publicly joined other European banking institutions in preparing their customers for the prospective advantages of a digital euro. The central bank has argued that the conventional physical cash format does not support the exploitation of all the advantages offered by the growing digitalization of the economy and society.

More information about MiCA As per the European Parliament, the proposed MiCA regulation aims to establish a comprehensive framework for crypto assets at the European Union (EU) level. This initiative seeks to introduce clear and consistent legal regulations for assets that have thus far operated without specific EU legislative coverage. The primary objectives of MiCA are to enhance consumer and investor protection, promote financial stability and innovation, and foster the adoption of crypto assets within the EU.

MiCA encompasses and categorizes three main types of crypto assets, which include asset-referenced tokens (ART), electronic money tokens (EMT), and other assets not previously addressed by EU legislation. This regulation, introduced in June 2023, will be implemented in phases. Rules pertaining to stablecoin issuers are scheduled to come into effect starting from June 2024.

The remaining regulatory provisions are slated to be enforced from December 2024, with specific transitional measures considered. .