PANews reported on June 16th that, according to Bitcoin.com, the Spanish National Securities Market Commission (CNMV) issued a statement on Monday warning Virtual Asset Service Providers (VASPs) to be aware of the impending consequences of the MiCA framework. The agency emphasized that after June 30th, the grace period for VASPs benefiting from the transition will end, and only authorized VASPs will be allowed to operate in the country. The CNMV stated, "Investors should not deal with entities that have not yet completed the authorization process, as they will not be able to enjoy the protections and oversight mechanisms provided by the aforementioned regulations."

VASPs operating in Spain without MiCA authorization can design migration plans to manage client funds, including agreements with other authorized VASPs to allow clients to continue receiving crypto services. The regulator emphasized that "the migration plan will set a reasonable timeframe for investor withdrawals, and upon completion, any unwithdrawn crypto assets and funds may be transferred to an authorized entity, and affected clients will be notified." ATH21 CEO Cris Carrascosa revealed that with only 15 days left before the rules take effect, less than half of the VASPs have obtained MiCA licenses, indicating that European companies and users may face significant service disruptions.