Spain regulator: No extensions for non-MiCA compliant crypto firms
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IN SHORT
Spain's securities regulator has announced it will not grant extensions to crypto firms that fail to comply with the Markets in Crypto-Assets (MiCA) framework by the July 1 deadline. Chair Carlos San Basilio emphasized that there will be no exceptions, affecting exchanges such as Binance. In contrast, Australia's financial regulator, ASIC, has extended temporary enforcement relief for digital asset businesses until September 30, offering an additional three months for firms to apply for licenses under the country's updated guidance.
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Key Numbers
July 1Spain's MiCA compliance deadline
September 30Australia's crypto licensing relief deadline
three monthsadditional time for Australian firms
Who's Involved
Spain's securities regulator
regulatory body enforcing MiCA compliance
Carlos San Basilio
Chair of Spain's securities regulator
Binance
cryptocurrency exchange impacted by Spain's deadline
ASIC
Australia's financial regulator extending relief
Key facts
Spain's securities regulator will not grant extensions for MiCA compliance after July 1.
Spain's regulator stated there will be no exceptions to the July 1 deadline.
Exchanges like Binance may be impacted by Spain's strict July 1 deadline.
Australia's ASIC has extended temporary enforcement relief for crypto firms.
Australia's relief extends to September 30.
Australian firms have an additional three months to apply for licenses.
Australia's extension supports firms transitioning into the new licensing system.
Spain's securities regulator has declared that it will not offer extensions to cryptocurrency companies that do not meet the requirements of the Markets in Crypto-Assets (MiCA) framework by the upcoming July 1 deadline. Carlos San Basilio, the chair of the regulator, explicitly stated that there will be no exceptions to this rule, a decision that is expected to impact major exchanges like Binance. This firm stance from Spain contrasts with developments in Australia, where the financial regulator, ASIC, has opted to extend temporary enforcement relief for digital asset businesses. This Australian relief will last until September 30, granting firms an additional three months to submit their applications for licenses. The extension in Australia is intended to facilitate the transition of these firms into the country's newly updated licensing system, providing them more time to comply with the revised regulatory guidance.
Frequently asked questions
The Markets in Crypto-Assets (MiCA) is a regulatory framework established by the European Union to provide a comprehensive legal structure for crypto-assets and related service providers operating within its member states.
If Binance fails to secure approval from an EU financial regulator by July 1, it will be required to stop onboarding new EU-based users and limit certain services for its existing EU-based accounts.
The article mentions that other crypto exchanges have secured last-minute approvals under MiCA, but does not specify which ones.
What Happens Next
01Binance must secure an EU license before July 1 to continue full operations.
02Affected crypto exchanges must halt new EU user onboarding if non-compliant by July 1.
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