EU to appoint Spanish banking, securities regulators to oversee cryptocurrencies

According to Cinco Dias, the European Union will designate the Spanish Bank and stock market regulator CNMV to oversee the country's cryptocurrency assets. The Spanish financial newspaper cited a working document it obtained on June 21, saying that the draft revision of the EU's proposed cryptocurrency market regulation (known as MiCA) designates the two agencies to oversee Spain's cryptocurrency activities together with the European Central Bank.

Cinco Dias wrote that the EU aims to have the proposed regulations ready by the end of 2021 or early 2022. The document also stipulates that businesses providing cryptocurrency services in the EU must have a physical center within the region.

NFTs are currently not regulated because, unlike cryptocurrencies, they are not used as a medium of exchange, suggesting that the EU still needs to further clarify its definition of crypto assets.