Spain Leads MiCA Rollout as Poland Falters, Byrrgis Triumphs

• Spain advances MiCA-related investor protections with comprehensive compliance guidelines.
• Poland faces legislative hurdles as Byrrgis secures early EU MiCA licensing.

On December 16, 2025, Spain’s Comisión Nacional del Mercado de Valores (CNMV) released detailed guidance on the implementation of the European Union’s Markets in Crypto-Assets Regulation (MiCA). The measures are designed to protect retail investors, formalize promotional practices, and integrate crypto assets into traditional financial systems, positioning Spain as a regulatory leader among EU member states ahead of the MiCA implementation deadline in July 2026.

The CNMV’s guidance enhances investor protection by updating existing regulations for Collective Investment Institutions (IICs) and Venture Capital Entities (ECRs). It incorporates specific provisions into the Markets in Financial Instruments Directive II (MiFID II), aiming to regulate promotional activities such as influencer marketing when classified as client solicitation. For example, promotions tied to acquisition incentives or direct engagements with followers will be treated as regulated solicitation, ensuring greater accountability and reducing risks of misleading advertising. Retail investors will now have access to crypto assets through designated “free investment funds” under stricter transparency requirements, enabling clearer fee and operational disclosures by fund managers.

Spain's integration of MiCA frameworks into its financial regulations aims to boost confidence among institutional and retail investors alike. To facilitate this transition, the CNMV provides a regulatory window until July 1, 2026, encouraging Virtual Asset Service Providers (VASPs) to seek early authorization. By acting ahead, this guidance minimizes potential disruptions while promoting compliance readiness.

On December 8, 2025, Cryptopolitan reported that Poland resubmitted a MiCA-aligned digital asset bill following President Karol Nawrocki’s veto of similar legislation earlier in December. The proposal, championed by the Polska2050 party, signals Poland’s intention to align domestic regulations with EU standards despite political discord. The veto cited concerns over potentially restricting citizens’ freedoms, with the ruling coalition affirming their commitment to regulatory alignment by reintroducing the unchanged bill.

Poland faces risks should these disputes delay passing MiCA-aligned legislation before the EU-wide July 2026 deadline. Without domestic laws in place, Poland risks isolating local crypto markets and may fail to authorize its firms under MiCA compliance. Delays in forming a national competent authority, such as the Polish Financial Supervision Authority, further jeopardize Poland’s ability to regulate its digital asset sector adequately.

Meanwhile, London-based crypto platform Byrrgis reached a regulatory milestone with its EU MiCA license acquisition preceding its scheduled launch on January 15, 2026. Business Insider reported the licensing achievement on December 15, 2025, highlighting Byrrgis as a fully compliant service provider across EU jurisdictions. Offering automated portfolio management and advanced trading solutions, the platform caters to both retail and institutional clients.

Byrrgis’s proactive strategy in meeting MiCA requirements sets it apart in the competitive EU crypto market. Securing MiCA authorization alongside pursuing CASP level 3 certification demonstrates Byrrgis’s adherence to high regulatory standards, which are expected to attract a larger user base. Additionally, this move pressures competitors to fast-track their compliance, emphasizing the importance of early regulatory alignment in gaining consumer trust and enhancing legitimacy in the European digital asset ecosystem.

Spain’s proactive measures, Poland’s political nuances, and Byrrgis’s pioneering regulatory compliance reflect the escalating pace of MiCA implementation across Europe. Spain reinforces its position with investor-centric frameworks, Poland’s progress hinges on resolving political disputes, and Byrrgis sets a competitive benchmark for compliance, shaping the EU’s evolving crypto regulation landscape.