Article 143(3) of Regulation (EU) 2023/1114 (MiCAR) permits member states to apply a transitional period of up to 18 months for crypto-asset service providers (CASPs) registered under prior national law. Spain selected the 12-month option, setting 1 July 2026 as the expiry date. ESMA confirmed in April 2026 that member state transitional periods would not be extended.
Article 143(3) of MiCAR provides that member states 'may decide to apply a transitional period of up to 18 months' for entities authorised or registered under national law before 30 December 2024. In Spain, entities on the Banco de España's virtual asset service provider register as of 30 December 2024 could rely on grandfathering until 1 July 2026. That right terminated earlier if a MiCA authorisation application was refused before that date. The CNMV is the primary MiCA competent authority for most CASP categories in Spain.
CASPs operating in Spain, including cryptocurrency exchanges, custody wallet providers, and portfolio managers, needed a MiCA authorisation from the CNMV by 1 July 2026 to continue serving clients. Operators without authorisation must stop providing crypto-asset services. Clients of unauthorised providers should expect account restrictions or mandatory migration to authorised platforms.
CASPs that submitted a timely MiCA authorisation application before 1 July 2026 may be able to continue operating pending a CNMV determination, subject to Spanish national law and CNMV discretion. EU-licensed CASPs passporting services into Spain from another member state are not affected by Spain's transitional period. Branches of third-country firms face separate requirements under Article 60 of MiCAR.
Licentium advises crypto-asset service providers on MiCA authorisation strategy, including application preparation for the CNMV and Banco de España. Work we undertake includes MiCA licensing triage, CASP authorisation application drafting, AML/CFT programme alignment, white paper review, and cross-border passport notification.
Source: ESMA, Statement on the End of Transitional Periods under MiCA, April 2026