With the cryptos The entire investment can be lost, and this will continue to be the case once the European regulation for these assets comes into force, on December 30. The MiCA Regulation (Markets in Crypto Assets) will regulate the issuance, offer and admission to trading of crypto assets in the EU. This Thursday, the CNMV (National Securities Market Commission) recalled, through a statement, the risk that these virtual currencies entail. Bitcoin passes $108,000 after seven weeks in its biggest bullish streak since 2021.
Cryptoassets will not be covered by a compensation system that protects investors, as is the case with investment funds, shares or deposits. (which in Spain have the General Investment Guarantee Fund and the Deposit Guarantee Fund, which cover up to 100,000 euros per investor or saver). This does not change with MiCA, which does not provide protections of this type for clients. Therefore, “if the cryptoasset service provider cannot return the cryptoassets, there is no safety net”points out the CNMV in its note. San Basilio, future president of the CNMV: We are not seeing an avalanche of institutions that want to operate ‘crypto’.
The supervisor of the Spanish markets alludes to another warning from ESMA (the European Securities and Markets Authoritysupervisor at European level): companies that market cryptos They do not carry out any suitability test, that is, They do not evaluate the knowledge of their clients to know if they are qualified to understand these assets (something that does happen in the case of investment funds).
The CNMV wanted to publish this statement because, given that the entities will enjoy a transitional period to adapt to MiCA“the outlook for the investor may not be sufficiently clear during 2025,” they warn. MiCA requires providers of this type of service to have authorization from the CNMV (or another European authority), but the rule contemplates a transitional period of one year (until December 30, 2025) during which those who They were already providing services, they will be able to continue doing so under the previous regulations (therefore, without applying MiCA) until they have the corresponding authorization. Come December 30, 2025, suppliers who are not authorized will have to cease their activity. Therefore, during the year 2025, suppliers authorized under the MiCA regulations may coexist with those that have taken advantage of the Spanish transitional regime.
To find out which suppliers are authorized by the CNMV (or by other competent authorities of the European Union if they have a passport), it will be possible to consult it at the ESMA website. In the case of suppliers not yet authorized, who are covered by the transitional regime, they will be in the Bank of Spain website. The CNMV also recommends that investors review the list of beach bars financial. On the other hand, non-Spanish suppliers that use the transitional period in their countries will not be able to legally offer services in Spain (they will have to be authorized in their countries first).
It is also worth knowing that new emissions of cryptos that take place in Spain will also be subject to MiCA “and require prior notification to the CNMV by the offeror, which will prepare a white paper with relevant information and warnings about the issue”. The offeror must publish said document and the advertising communications on its website, so that any investor can consult them.
These are the rBasic recommendations for retail investors given by the CNMV:
- Check what type of authorization the entity with which you intend to operate has.
- Read the statement from the European Securities and Markets Authority (ESMA).
- Verify that the provider who is offering you services is authorized to do so (definitively or temporarily) and is not in the list of “Financial beach bars”.
- Review the information on crypto assets published in the white paper on the issuer or market website before investing.
- When in doubt, exercise extreme caution and consult the CNMV.
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