Crypto Regulators: CMF, EBA and CNMV Enforce MiCA and the Fintech Law

Crypto regulators: how CMF, EBA and CNMV are enforcing MiCA and the new rulebook

How is the crypto world actually being regulated across jurisdictions? In this MERGE Madrid panel, supervisors from three regions —CMF (Chile), EBA and CNMV (Spain)— share common challenges and different approaches on MiCA, Chile's Fintech Law, stablecoin supervision and the balance between regulation and innovation. Participants include the CMF as Chile's unified supervisor, the EBA as future supervisor of significant tokens in Europe, and the CNMV as a reference on crypto advertising and European harmonization.

What you'll learn

• Chile's Fintech Law: the seven innovative financial services regulated since February and why over 400 institutions have registered with the CMF
• Significant tokens under MiCA: the EBA's role, systemic risk and supervisory convergence to prevent regulatory arbitrage in Europe
• European stablecoin market: the 23 registered tokens, dispersion across 9-10 member states and why EMIs dominate with USD e-money tokens
• CNMV's preparation: 80 new hires, intensive training, a fintech portal and public manuals for MiCA authorization
• Supervision vs. innovation: proportionality, technological neutrality and sandboxes to avoid becoming a drag on the crypto sector

Session summary

Chile's Fintech Law. Passed in 2023 and effective since February, it regulates seven innovative financial services —investment and credit advisory, crowdfunding, alternative trading systems, routing, intermediation and custody— under principles and proportionality. The financial instrument concept broadens to include crypto assets, derivatives, NDFs and invoices. Over 400 institutions have registered with the CMF, with investment advisors as the dominant category.

EBA and significant-token supervision. The EBA has developed MiCA's level 2 and 3 technical standards and guidelines and is working on a package of internal methodologies to ensure European supervisory convergence. Its direct supervisory role kicks in for significant tokens —e-money tokens and asset-referenced tokens with systemic impact—. There are currently around 23 tokens registered across 9-10 member states, mostly USD e-money tokens issued by EMIs; no asset-referenced tokens yet.

Industry and prudential debate. The stablecoin industry has been resistant to prudential requirements and the ban on token remuneration. The EBA defends reserve diversification and separation from the banking license: stablecoins are means of payment, not yield instruments. European banks are entering with their own projects, especially via tokenized deposits.

CNMV: preparation, advertising and harmonization. The CNMV prepared for MiCA with 80 new hires, intensive training, public manuals, a dedicated crypto assets webpage and sector meetings. Its pioneering crypto advertising circular inspired part of MiCA: in 2023 it reviewed around 120 pieces and in 2024 around 200. Supervisory convergence via ESMA and the Joint Committee remains the mantra.

Watch the full session

Watch the full panel on MERGE's YouTube channel, with the debate on MiCA, Chile's Fintech Law, stablecoin supervision in Europe and the balance between regulation and innovation.

FAQs

What does Chile's Fintech Law regulate?
It regulates seven innovative financial services —advisory, intermediation, custody, crowdfunding, alternative trading systems— and broadens the financial instrument concept to include crypto assets, derivatives, NDFs and invoices.

What are significant tokens under MiCA?
They are e-money tokens and asset-referenced tokens whose systemic impact warrants direct EBA supervision instead of national authorities, based on criteria set out in MiCA.

How is the stablecoin market in Europe?
There are around 23 tokens registered by authorized entities across 9-10 member states, mostly USD e-money tokens issued by EMIs; there are still no asset-referenced tokens on the market.

How do regulators balance supervision and innovation?
With proportionality, technological neutrality, regulatory sandboxes, fintech portals and ongoing sector dialogue to avoid becoming a drag on crypto innovation.