Regulation
The MiCA Regulations (Markets in Crypto Assets), published in June 2023, establishes the regime applicable in the European Union for the regulation and supervision of the issuance, offering, and admission to trading of cryptoassets, as well as in relation to the provision of services with crypto assets.
This Regulation has been partially applicable since 30 June 2024, specifically the rules on “stablecoins” (asset-referenced tokens and electronic money tokens).
Since 30 December 2024, the Regulation has also been applicable to the issuance of other crypto assets, as well as the provision of crypto assets services.
The entry into force of this Regulation brings with it fundamental changes to the previous regulation on crypto assets in Spain: on the one hand, the Bank of Spain’s register of virtual currency exchange providers for fiat currency will be maintained for informational purposes, since, as of 30 December 2024 no new entities will be registered, and the CNMV will be the authority responsible for authorising, registering and supervising entities subject to this regulation. On the other hand, CNMV Circular 1/2022, 10 January 2022, on advertising crypto assets, the rule of conduct that regulated the content and format of advertising messages in campaigns on crypto assets, was repealed on 27 December 2024.
In addition to the MiCA Regulation, there are other rules that also regulate different areas related to crypto assets:
- First
to reduce the risk that banks’ high exposure to crypto assets may pose to financial stability, the Basel Committee on Banking Supervision has proposed requiring banks to meet stricter capital requirements for their holdings of crypto assets. This standard has been incorporated, with specific features, into the European Union in the recent revision of the Capital Requirements Regulation for credit institutions. - Secondly
to reduce the cybersecurity risks that crypto asset service providers (CASPs) may face, such as platforms that enable the purchase and sale of crypto assets or issuers of stablecoins, in January 2023 the EU’s DORA Regulation came into force, establishing uniform requirements for the cybersecurity of networks and information systems. - Finally
to mitigate the risk of crypto assets being used for money laundering, terrorist financing, or other illicit activities, various measures have been adopted. At the international level, in October 2018, the Financial Action Task Force updated its standards to clarify their application to crypto asset activities. At the European level, the new anti-money laundering package introduces rules to increase the traceability of crypto asset transfers and designates crypto asset service providers as obliged entities in the area of anti-money laundering.