The regulation of cryptoassets has captured a lot of attention recently.
The implementation of the MiCA Regulation has marked an important milestone in the European Union.
In this article, we will explore in detail the role of the Bank of Spain in the implementation and supervision of the regulations on asset referenced tokens (ART) and electronic money tokens (EMT) under the MiCA Regulation.

Introduction to MiCA Regulations

Regulation (EU) No. 2023/1114 of the European Parliament and of the Council, known as MiCA (Markets in Crypto-Assets Regulation), establishes the regulatory framework applicable in the European Union for the regulation and supervision of the issuance, offer and admission to trading of cryptoassets. This regulation also addresses the provision of services related to crypto-assets, with the aim of ensuring a secure and transparent market.

As of June 30, 2024, the specific rules on ART and EMT contained in MiCA have come into force.
These rules seek to regulate the issuance and management of these types of cryptoassets, providing a clear framework for issuers and investors.

Role of the Bank of Spain

Authorization and Supervision of ART and EMT Issuers

The Bank of Spain plays a crucial role in the implementation of MiCA, particularly in the authorization and supervision of ART and EMT issuers.
According to Article 16.1 of MiCA, only legal entities duly authorized by the Bank of Spain or credit institutions that have obtained the relevant white paper approval may issue ARTs in Spain.
This authorization process ensures that issuers comply with the necessary requirements to operate legally and securely.

For EMTs, according to Article 48.1 of MiCA, these cryptoassets can only be issued by duly authorized credit institutions or electronic money institutions, which must have published the corresponding white paper prior notification to the Bank of Spain.
This measure ensures that only entities with sufficient backing and regulatory compliance can issue EMTs, thus protecting investors and the market in general.

Transitional Period for Existing Issuers

Issuers that have issued ART before June 30, 2024 may continue to do so for a transitional period, provided they apply for authorization or white paper approval before July 30, 2024.
This transitional provision, provided for in Article 143 of MiCA, offers existing issuers a window to regularize their situation and comply with the new regulations.

Recommendations of the Bank of Spain

The Bank of Spain recommends all persons interested in offering or requesting admission to trading of ART or EMT to contact the agency before initiating the formal procedures foreseen in MiCA.
To facilitate this process, the Bank of Spain makes available communication of interest forms for the issuance of ARTs and EMTs, which should be completed and submitted through the Contact Form available on its website.

Supervision and Sanctioning Measures

National Securities Market Commission and the Bank of Spain

Although the National Securities Market Commission (CNMV) is the main authority for the supervision of MiCA compliance, the Bank of Spain has specific supervisory, inspection and sanctioning functions in relation to EMT and ART issuers.
This collaboration between both entities ensures a comprehensive supervision of the cryptoasset market in Spain.

Compliance Measures and Sanctions

The Bank of Spain has the power to impose various measures in the event of non-compliance with regulations by issuers, offerors or applicants for admission to trading of ART or EMTs.
These measures include:

– Prohibition of public offering or request for admission to trading of ART or EMT.
– Requirement to cease or suspend advertising communications.
– Publication of non-compliance of obligations.
– Suspension or prohibition of ART or EMT negotiation.

These measures, detailed in Article 94 of MiCA, seek to ensure strict compliance with regulations and protect investors and the market.

Relevant Public Information

The Bank of Spain also plays a crucial informative role, recommending that those interested in acquiring ART or EMTs consult the white papers of the issues of interest to them.
It is essential to verify whether:

1. The issuer of the EMT is a duly authorized entity.
2. The issuer of an ART has obtained the corresponding authorization from the Bank of Spain.
3. The entity offering the ART or EMT has the written consent of the issuer.

In addition, the Bank of Spain has channels for the submission of claims and complaints about possible breaches or irregularities, thus ensuring transparency and protection of investors’ rights.

Conclusion

The implementation of the MiCA Regulation and the role of the Bank of Spain in its application mark a significant advance in the regulation of cryptoassets in Spain and the European Union.
Through the authorization, supervision and sanctioning of ART and EMT issuers, the Bank of Spain ensures a safer and more transparent market for all participants.
For those interested in entering the world of cryptoassets, it is essential to understand these regulations and follow the recommendations of the Bank of Spain to operate legally and safely.

Need more information?

If you have any doubts or queries about the regulations applicable to ARTs and EMTs, do not hesitate to contact the Bank of Spain.
Visit their website for more details and to access the necessary forms.
In addition, you can file claims and complaints in person or electronically if you consider that your rights as an investor have been violated.

In addition, you can schedule a meeting with our agents to better understand the benefits, risks and opportunities of our tokenizations.