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Spain's CNMV issues an urgent warning before the end of the MiCA transition period on June 30

MarsBitNews
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Mars Finance News, according to Bitcoin.com reports, the Spanish National Securities Market Commission (CNMV) issued a statement on Monday warning virtual asset service providers (VASPs) to pay attention to the upcoming consequences of the MiCA framework. The agency emphasized that after June 30th, the VASP grace period benefiting from the transition will end, and only authorized VASPs will be allowed to operate in the country. CNMV stated, "Investors should not deal with entities that have not completed the authorization process, as they will not be able to enjoy the protections and supervision mechanisms provided by the above regulations." VASPs operating in Spain without MiCA authorization can design migration plans to manage customer funds, including reaching agreements with other authorized VASPs to allow customers to continue receiving crypto services. The regulatory agency stressed, "This migration plan will set a reasonable timeframe for investor withdrawals, and after completion, any unwithdrawn crypto assets and funds may be transferred to authorized entities, with affected customers being notified." Cris Carrascosa, CEO of ATH21, revealed that with only 15 days remaining before the rules take effect, less than half of VASPs have obtained the MiCA license, indicating that European companies and users may face serious service disruptions.
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