{"id":11972,"date":"2026-03-04T16:18:00","date_gmt":"2026-03-04T15:18:00","guid":{"rendered":"https:\/\/www.in-diem.com\/abogados\/uncategorized\/how-does-cnmv-supervision-work-under-mica"},"modified":"2026-03-14T13:35:28","modified_gmt":"2026-03-14T12:35:28","slug":"how-does-cnmv-supervision-work-under-mica","status":"publish","type":"post","link":"https:\/\/www.in-diem.com\/en\/abogados\/mica-licence\/how-does-cnmv-supervision-work-under-mica","title":{"rendered":"How does CNMV supervision work under MiCA?"},"content":{"rendered":"\n

An updated and practical guide to understanding how the CNMV controls and supervises CASPs under MiCA, what it requires in practice, and how a company can successfully navigate a continuous supervision process.<\/strong><\/h4>\n\n

CNMV MiCA supervision<\/strong> has become the new regulatory axis for any company wishing to operate as a crypto-asset service provider in Spain. And, although many companies focus solely on CASP registration<\/strong>, the truth is that supervision goes much further. It affects solvency, custody, corporate governance, technology, and operational conduct. <\/p>\n\n

In this article, we clearly and practically review how this continuous supervision works, what the CNMV truly expects, and what CASPs must prepare to operate with legal certainty. We also explain how the technical work of Cryptoveritas 360<\/strong> facilitates successful supervision through crypto architecture auditing, traceability, and custody. <\/p>\n\n

If you wish to delve deeper, you can consult other related articles on our blog, such as the Definitive Guide to Obtaining the CASP License from the CNMV (MiCA 2025)<\/a> or our Simple Guide to the MiCA Regulation<\/a>.<\/p>\n\n

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The CNMV as the Central Supervisor under MiCA<\/strong><\/h2>\n\n

With MiCA, the CNMV has transitioned from a peripheral observer to a regulator with full authority to authorize, review, and oversee CASPs. This change is significant: it represents a leap from a model based on voluntary registrations (such as for advertising) to a real and demanding supervision regime. <\/p>\n\n

MiCA, approved by the European Parliament<\/a>, stipulates that each Member State must designate a primary supervisor. In Spain, this responsibility falls to the CNMV<\/a>, which also applies the technical guidelines issued by ESMA<\/a> and the EBA<\/a>. <\/p>\n\n

In summary: the CNMV no longer observes; it supervises. And this supervision is dynamic: it adapts to the CASP’s size, operational risks, business model, and the robustness of its internal governance. <\/p>\n\n

To better understand it, it is useful to divide the process into phases.<\/p>\n\n

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The Supervision Process for CASPs under MiCA: Step by Step<\/strong><\/h2>\n\n

Phase 1: The CASP Registration Application to the CNMV<\/strong><\/h3>\n\n

CASP registration marks the starting point. Far from being a simple formality, it consists of a complex, structured, and deeply technical application. The CNMV evaluates, among other aspects: <\/p>\n\n