CNMV announces adoption of European guidelines for MiCA suitability assessments

The Comisión Nacional del Mercado de Valores (CNMV) has announced its intention to adopt European guidelines on suitability assessments required by the Markets in Crypto-Assets (MiCA) regulation for crypto-asset service providers (CASPs). This announcement was made public on the CNMV's official website on February 4, 2025.

According to the CNMV, these guidelines will apply to management body members of asset-referenced token issuers and CASPs, as well as shareholders or members with qualified holdings in ART issuers or CASPs. For management body members, the guidelines outline suitability requirements such as honorability, knowledge, collective competencies, experience, and time commitment. The guidelines also specify how CASPs should conduct suitability assessments and adopt corrective actions if necessary. Additionally, they detail how competent authorities should assess suitability.

For shareholders with qualified holdings, the guidelines refer to the joint guidelines of the European Supervisory Authorities (ESAs), outlining criteria to evaluate concerted action or significant influence between shareholders. The assessment will cover their reputation, professional competence, and whether there are any concerns regarding money laundering or terrorist financing. These guidelines will take effect on February 4, 2025.

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According to the European Union, MiCA establishes uniform rules for crypto-asset issuers and service providers not covered by existing EU laws. It aims to ensure transparency, consumer protection, and market stability with specific obligations for different types of crypto-assets, including e-money and asset-referenced tokens. The regulation became effective on December 30, 2024. It includes provisions on governance, disclosure, and preventing market abuse with oversight by EU authorities like the European Banking Authority (EBA) and European Securities and Markets Authority (ESMA).

The CNMV is responsible for overseeing Spain's securities markets to ensure transparency, accurate pricing, and investor protection. Established by the 1988 Securities Market Law, it supervises securities issuers, investment service providers, and collective investment schemes while focusing on market stability and system solvency. It manages public records of market participants and advises both the government and Ministry of Economy on securities matters. The CNMV actively engages with international organizations such as IOSCO (International Organization of Securities Commissions), ESMA (European Securities and Markets Authority), and FSB (Financial Stability Board).