Svmuu News: Spain’s National Securities Market Commission has authorized the cryptocurrency platform Venga to operate under the EU’s Market in Crypto-Assets Regulation (MiCA), making it one of the few entities in Spain to receive MiCA approval.

The MiCA transition period took effect on July 1. Digital asset companies that previously operated under national regulations must now obtain formal approval under the new framework or cease providing regulated services within the EU. This authorization allows Venga to provide services across the market comprising the 27 EU member states under a single regulatory framework.

Michael Stroev, co-founder and CEO of Venga, stated that the MiCA review covers aspects such as ownership structure, corporate governance, management suitability, risk frameworks, and product infrastructure. Previously, more than 3,000 crypto companies in the EU held local virtual asset service provider registrations, but currently, approximately 240 companies have obtained full MiCA authorization, with fewer than 15 approved companies in Spain.