The Spanish National Securities Market Commission has developed MiCA transition rules for crypto platforms.

According to Mars Finance, market sources indicate that the Spanish National Securities Market Commission (CNMV) has released new guidelines outlining how it will implement the EU's Crypto Asset Markets Regulation (MiCA) for the country's financial ecosystem. The regulator released a detailed Q&A document covering investor protection, licensing and regulation of cryptocurrency platforms and investment entities. Spain is attempting to join the European digital asset regulatory system under the MiCA framework to harmonize market regulation, consumer protection, and licensing requirements for Virtual Asset Service Providers (VASPs). In its announcement, the CNMV revised two existing Q&A documents: one concerning Institutional Investors (IICs) and Venture Capital Entities (ECRs), and the other covering the application of the EU's Markets in Financial Instruments Directive II (MiFID II). Furthermore, a new section specifically for MiCA has been added, alongside the Institutional Investors section, including "Institutional Investors of Independent Investments" (IICIL). In this section, the regulator clarifies how to set restrictions on the periodic redemptions of investment vehicles investing in "evergreen funds." Spain's adoption of MiCA will allow some retail investors to access cryptocurrencies through voluntary investment funds, as the government seeks to expand access to the digital asset market under laws protecting investors. Furthermore, according to CNMV guidelines, venture capital entities now bear greater transparency obligations. The CNMV announcement indicates that the transition period for MiCA rules will last until July 1, 2026.