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The Comisión Nacional del Mercado de Valores (CNMV) has announced a new circular establishing reporting templates for crypto-asset service providers, detailing the required disclosures under the Markets in Crypto-Assets Regulation (MiCA).
According to the CNMV, the new circular requires crypto-asset service providers (CASPs), investment firms, credit institutions, and management companies to submit specific reserved statements. These statements include audited annual accounts, client asset protection reports, and anti-money laundering disclosures. The regulation amends four existing circulars, introduces a standardized format, and aligns reporting practices among different financial entities. It also updates the frequency of reporting from quarterly to semi-annually and defines reporting templates for CASPs, enabling better supervision. National financial advisory firms will also follow similar reporting standards.
The Circular strengthens investor protection rules by updating regulations on warnings for certain financial products. Entities must now issue alerts if there is a notable difference between a product’s estimated current value and the price offered to retail clients, specifically for structured deposits and fixed-income transactions. Additionally, it adjusts how entities contribute to the Investment Guarantee Fund and removes outdated Circular 1/2011. The updated rules were published in Spain’s Official State Gazette and will take effect 20 days after publication, with staggered deadlines depending on the amendment.
