Spain plans to hire personnel to comply with the implementation of the Regulation on Cryptoasset Markets (MICA) knowing that it must accelerate the processes for the entry into force of the law that will regulate the cryptocurrency industry. The National Securities Market Commission (CNMV) of Spain plans to hire at least 70 people to reinforce its teams. This taking into account that regulators who license cryptocurrency companies expect a greater workload for the company. entry into force of MICA scheduled for December 30, 2024.
“The competent national authorities are already working hard to adapt their capabilities and workforce,” Spain's CNMV told CoinDesk. Additionally, the country will apply a grandfathering period of 12 months. During that time, crypto assets authorized by MiCA, such as euro-backed stablecoins, and unauthorized ones, such as dollar-backed stablecoins, «will operate at the same time,» according to spokespersons for Spain's securities regulator. Like other European territories, regulators Spain works with the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) for the application of technical standards. Among them, each country must establish how long its vesting periods will last or what its supervision fee structure would be like. June is considered the initial deadline for the regulatory technical standards and guidance for public comments, while the deadline for their completion is set for the end of the year. MiCA will come into force directly across the entire European Union bloc, so it means that just like Spain, the other 26 countries are making their adjustments to regulate the ecosystem.
In that sense, at least 10 countries are finalizing or have already finalized local legislation. Others are not yet as advanced, although experts say there is time to put things in order.
Europe adapts to MICA
The MiCA Law is the regulation that will govern the operations of cryptocurrency issuers and cryptoasset service providers in the eurozone. In it, the regulation mainly targets exchanges, which will have to have a license, issued in any member country, and complete a series of requirements to be able to work in EU countries. This is why each country must adapt EU regulation to its local legislation, select a regulator to supervise cryptocurrencies and authorize token issuers and other service providers. Some countries already had strict regulations for cryptocurrencies, so the transition to MiCA does not represent a big change, while for other countries it could mean new responsibilities and additional burdens. It was also approved since the approval of the new regulation, that the rules be implemented from the middle of this year, bringing important impacts on the cryptocurrency sector. The rest of the regulations, mainly related to the cryptoasset market and the operation of the Cryptocurrency exchanges will launch in 2025, giving a margin of 18 more months for each country to adapt its laws and create a registry for platforms operating in the EU. It is thus understood that, during this new year, the 27 countries of the bloc will remain very busy making the necessary adjustments to meet the deadlines established for MiCA to be launched and generate a new dynamic in the functioning of the eurozone ecosystem.