Spain MiCA (Markets in Crypto Assets) crypto requirements 2025
The EU's Markets in Crypto-Assets (MiCA) regulation, effective December 30, 2024, mandates that all crypto-asset service providers (CASPs) in Spain obtain authorization from the National Securities Markets Commission (Comisión Nacional del Mercado de Valores or CNMV) to continue operations. Spain has set an ambitious timeline for MiCA implementation, planning to fully adopt the regulation by December 2025, six months ahead of the EU deadline.
Implementation Timeline:
- June 30, 2024: Provisions related to electronic money tokens (EMTs) and asset-referenced tokens (ARTs) become applicable across the EU, including Spain.
- December 30, 2024: MiCA regulations become fully applicable across the EU, encompassing all CASPs in Spain.
- December 30, 2024 – December 31, 2025: Spain has opted for an accelerated transitional period, allowing existing CASPs to operate under current national regulations while they transition to MiCA compliance. This period extends until December 31, 2025.
To assist CASPs in Spain with MiCA compliance, Scorechain offers comprehensive Anti-Money Laundering (AML) solutions tailored to both EU-wide and local regulatory standards.
How Scorechain Supports MiCA Compliance for CASPs in Spain
- Mandatory Licensing: Spanish CASPs must comply with MiCA’s EU-wide licensing requirements and register with the CNMV. Scorechain facilitates this process by helping CASPs maintain transparent records and demonstrate compliance with both MiCA and Spain's specific regulatory obligations, ensuring smooth authorization processes.
- Enhanced Customer Due Diligence (CDD): Spanish regulations require CASPs to implement robust customer due diligence procedures to prevent money laundering and terrorist financing. Scorechain provides tools for wallet screening, transaction risk analysis, and monitoring, ensuring alignment with MiCA’s and Spain’s stringent AML requirements.
- Reporting Obligations: In Spain, CASPs are required to report suspicious activities to the relevant authorities. Scorechain’s reporting features enable CASPs to file Suspicious Activity Reports (SARs) efficiently, ensuring compliance with both MiCA and Spain's AML reporting obligations.
- Internal Controls: Spanish CASPs must establish robust internal controls under the country’s anti-money laundering framework. Scorechain offers customizable compliance workflows and risk management tools, enabling CASPs to meet MiCA’s requirements and Spain’s specific regulatory expectations effectively.
- Regulatory Oversight: Scorechain’s analytics and reporting dashboards provide transparency for Spanish regulators like the CNMV, enabling them to supervise CASPs effectively. This helps CASPs align with MiCA while fostering trust with national authorities in Spain.
Why Scorechain is the Right Choice for Spanish CASPs
By integrating Scorechain’s AML solutions, CASPs in Spain can:
- Ensure seamless compliance with both MiCA and local regulations.
- Streamline customer due diligence and risk management processes.
- Build trust with customers and regulators through operational transparency and robust reporting.
Scorechain empowers Spanish CASPs to navigate the evolving regulatory landscape, ensuring compliance with MiCA while fostering growth and integrity in the Spanish crypto market.
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