{"id":8728,"date":"2026-07-07T10:24:01","date_gmt":"2026-07-07T10:24:01","guid":{"rendered":"https:\/\/exchangeselector.com\/?p=8728"},"modified":"2026-07-07T10:24:02","modified_gmt":"2026-07-07T10:24:02","slug":"requisitos-licencia-mica-exchange","status":"publish","type":"post","link":"https:\/\/exchangeselector.com\/es\/requisitos-licencia-mica-exchange\/","title":{"rendered":"\u00bfQu\u00e9 necesita realmente un exchange para estar regulado por MiCA?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Desde el pasado 1 de julio, la pregunta que se hacen millones de usuarios europeos de criptomonedas ya no es \u00ab\u00bfqu\u00e9 es MiCA?\u00bb, sino algo mucho m\u00e1s pr\u00e1ctico:&nbsp;<strong>\u00bfmi exchange cumple de verdad, o solo lo parece?<\/strong>&nbsp;El r\u00e9gimen transitorio que permit\u00eda operar con registros nacionales antiguos ha terminado de forma definitiva en los 27 Estados miembros, y el n\u00famero de plataformas que han conseguido la autorizaci\u00f3n completa como CASP (Crypto Asset Service Provider) sigue siendo sorprendentemente bajo: apenas una docena y media de exchanges cuentan con la licencia que permite operar una plataforma de trading real con custodia de fondos, frente a los cientos que operaban antes bajo registros nacionales dispares.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esto deja a mucha gente con una duda razonable: cuando un exchange dice \u00abestamos regulados por MiCA\u00bb, \u00bfqu\u00e9 significa eso exactamente? \u00bfQu\u00e9 tiene que demostrar una empresa para ganarse ese sello? Este art\u00edculo desglosa, paso a paso, los requisitos reales, dejando de lado el marketing, que un exchange necesita cumplir para operar legalmente en la Uni\u00f3n Europea.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Tener la licencia CASP correcta (y no cualquier licencia)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lo primero que hay que entender es que&nbsp;<strong>\u00ablicencia MiCA\u00bb no es una etiqueta \u00fanica<\/strong>. El reglamento agrupa los servicios de criptoactivos en&nbsp;<strong>tres clases prudenciales<\/strong>, y cada una exige un capital m\u00ednimo distinto:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Clase 1:<\/strong>\u00a0asesoramiento, recepci\u00f3n y transmisi\u00f3n de \u00f3rdenes. Capital m\u00ednimo:\u00a0<strong>50.000 \u20ac<\/strong>. No incluye exchange ni custodia.<\/li>\n\n\n\n<li><strong>Clase 2:<\/strong>\u00a0a\u00f1ade el cambio de cripto por dinero fiat o por otros criptoactivos, ejecuci\u00f3n de \u00f3rdenes y colocaci\u00f3n. Capital m\u00ednimo:\u00a0<strong>125.000 \u20ac<\/strong>.<\/li>\n\n\n\n<li><strong>Clase 3:<\/strong>\u00a0a\u00f1ade la custodia y administraci\u00f3n de criptoactivos por cuenta de clientes. Capital m\u00ednimo:\u00a0<strong>150.000 \u20ac<\/strong>.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Aqu\u00ed est\u00e1 el matiz que m\u00e1s confunde a los usuarios:&nbsp;<strong>un exchange que permite a sus usuarios mantener saldo despu\u00e9s de operar ya est\u00e1 prestando custodia<\/strong>, aunque no lo llame as\u00ed en su web. En la pr\u00e1ctica, casi cualquier plataforma de trading centralizada con el modelo habitual, en el que se deposita, se opera y se retira cuando se quiere, necesita la licencia de Clase 3 desde el primer d\u00eda, con independencia de si cobra o no comisiones espec\u00edficas por custodiar los fondos.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esto explica por qu\u00e9 el n\u00famero de exchanges realmente autorizados para operar una plataforma de negociaci\u00f3n con custodia es tan reducido:&nbsp;<strong>de los m\u00e1s de 200 CASP registrados en la UE, solo una minor\u00eda tiene la licencia de Clase 3<\/strong>&nbsp;que de verdad cubre el modelo de negocio que usa la mayor\u00eda de traders minoristas. El resto son asesores, brokers sin custodia o intermediarios de nicho.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Capital propio real, no capital de trabajo<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">El capital m\u00ednimo no es un n\u00famero simb\u00f3lico que se declara en una escritura y se olvida. MiCA exige que los&nbsp;<strong>fondos propios continuos<\/strong>&nbsp;se mantengan de forma permanente como el mayor valor entre dos cifras: el m\u00ednimo de su clase, o&nbsp;<strong>una cuarta parte de los gastos fijos generales del ejercicio anterior<\/strong>. Es decir, cuanto m\u00e1s grande y m\u00e1s cara de operar es la plataforma, m\u00e1s capital tiene que inmovilizar, incluso si supera de sobra el umbral inicial.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Adem\u00e1s, ese capital debe estar&nbsp;<strong>separado del dinero de los clientes y de la tesorer\u00eda operativa del negocio<\/strong>. No vale mezclarlo con los fondos que la empresa usa para pagar n\u00f3minas o marketing. Es precisamente el tipo de mezcla de fondos que hizo caer a FTX en 2022, algo que MiCA intenta hacer estructuralmente imposible en Europa exigiendo&nbsp;<strong>segregaci\u00f3n de activos<\/strong>&nbsp;en todo momento.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Segregaci\u00f3n y custodia de los fondos de los clientes<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Este es, probablemente, el requisito con m\u00e1s peso simb\u00f3lico tras el colapso de varios exchanges en los \u00faltimos a\u00f1os. Un CASP autorizado debe cumplir lo siguiente:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mantener los criptoactivos y el dinero de los clientes separados<\/strong>\u00a0de los activos propios de la empresa, en todo momento y sin excepci\u00f3n.<\/li>\n\n\n\n<li>Tener una\u00a0<strong>pol\u00edtica de custodia documentada<\/strong>: uso de wallets en fr\u00edo (cold storage) y en caliente (hot wallets), procedimientos de firma m\u00faltiple o\u00a0<strong>MPC<\/strong>\u00a0(computaci\u00f3n multipartita), ceremonias de generaci\u00f3n de claves y un plan de recuperaci\u00f3n ante desastres.<\/li>\n\n\n\n<li>Ser capaz de\u00a0<strong>devolver los fondos a los clientes en caso de insolvencia<\/strong>, sin que esos activos formen parte de la masa concursal de la empresa.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">En otras palabras: si un exchange quiebra estando correctamente autorizado bajo MiCA, tus fondos no deber\u00edan desaparecer en el proceso, ya que deber\u00edan estar legalmente aislados del patrimonio de la empresa. Esa es la diferencia de fondo entre un exchange licenciado y uno que no lo est\u00e1.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Gobernanza y personas f\u00edsicas responsables<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">MiCA no se conforma con papeleo corporativo bonito. Los art\u00edculos que regulan la gobernanza exigen que el consejo de administraci\u00f3n tenga&nbsp;<strong>\u00abbuena reputaci\u00f3n\u00bb<\/strong>&nbsp;y&nbsp;<strong>\u00abconocimientos, habilidades y experiencia adecuados\u00bb<\/strong>&nbsp;para la complejidad del negocio que dirige. En la pr\u00e1ctica esto se traduce en lo siguiente:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Al menos\u00a0<strong>un director ejecutivo con residencia efectiva en el Espacio Econ\u00f3mico Europeo<\/strong>\u00a0que trabaje realmente desde all\u00ed, ya que no basta con viajar ocasionalmente a reuniones.<\/li>\n\n\n\n<li>Un\u00a0<strong>responsable de cumplimiento (compliance officer) dedicado en exclusiva<\/strong>\u00a0a esa funci\u00f3n, sin compartirla con otro cargo ni repartirla entre distintas entidades del grupo. El coste de esta figura ronda entre 80.000 y 120.000 euros anuales, y debe estar contratada desde el mismo momento en que se presenta la solicitud.<\/li>\n\n\n\n<li><strong>Fichas de idoneidad (\u00abfit and proper\u00bb)<\/strong>\u00a0para todos los altos cargos, que las autoridades revisan de forma individual.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">5. KYC, AML y la Travel Rule<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ning\u00fan exchange puede operar bajo MiCA sin un programa serio de&nbsp;<strong>prevenci\u00f3n de blanqueo de capitales (AML)<\/strong>&nbsp;y&nbsp;<strong>conocimiento del cliente (KYC)<\/strong>. Esto incluye lo siguiente:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Verificaci\u00f3n de identidad\u00a0<strong>obligatoria desde el primer euro operado<\/strong>, sin umbrales de exenci\u00f3n por importes peque\u00f1os.<\/li>\n\n\n\n<li>Cumplimiento de la\u00a0<strong>Travel Rule<\/strong>\u00a0bajo el Reglamento (UE) 2023\/1113, que obliga a que las transferencias de criptoactivos vayan acompa\u00f1adas de informaci\u00f3n sobre el ordenante y el beneficiario, igual que ocurre con las transferencias bancarias tradicionales.<\/li>\n\n\n\n<li>Una vez autorizado, el CASP se convierte autom\u00e1ticamente en\u00a0<strong>entidad obligada<\/strong>\u00a0bajo las normas europeas contra el blanqueo, con supervisi\u00f3n continua de transacciones sospechosas.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">6. Resiliencia tecnol\u00f3gica bajo DORA<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Aqu\u00ed entra en juego otro reglamento europeo que se solapa con MiCA:&nbsp;<strong>DORA<\/strong>&nbsp;(Reglamento de Resiliencia Operativa Digital). Un exchange licenciado tiene que demostrar lo siguiente:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Un\u00a0<strong>registro documentado de todas las externalizaciones tecnol\u00f3gicas cr\u00edticas<\/strong>, incluyendo proveedores de alojamiento en la nube (AWS, Google Cloud), proveedores de KYC, proveedores de datos on chain y servicios de custodia como Fireblocks.<\/li>\n\n\n\n<li><strong>Due diligence formal<\/strong>\u00a0sobre cada uno de esos proveedores, con derechos de auditor\u00eda incluidos en los contratos.<\/li>\n\n\n\n<li>Un\u00a0<strong>plan de salida por escrito<\/strong>\u00a0para cada dependencia cr\u00edtica: si el exchange no puede explicar c\u00f3mo migrar\u00eda de AWS a otro proveedor en caso necesario, no pasa la evaluaci\u00f3n de concentraci\u00f3n de riesgo que exige DORA.<\/li>\n\n\n\n<li>Gesti\u00f3n de incidentes, control de accesos y registros (logs) auditables como evidencia operativa, no solo como pol\u00edtica sobre el papel.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">7. Transparencia, conducta de mercado y protecci\u00f3n al usuario<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">M\u00e1s all\u00e1 de la solvencia y la tecnolog\u00eda, MiCA impone reglas de comportamiento que buscan proteger directamente al usuario minorista:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Informaci\u00f3n clara sobre riesgos<\/strong>\u00a0antes de que un cliente opere, incluyendo un resumen no t\u00e9cnico de los riesgos del criptoactivo en cuesti\u00f3n.<\/li>\n\n\n\n<li><strong>Prohibici\u00f3n de pr\u00e1cticas de abuso de mercado<\/strong>: uso de informaci\u00f3n privilegiada, manipulaci\u00f3n del libro de \u00f3rdenes, front running de las \u00f3rdenes de los propios clientes.<\/li>\n\n\n\n<li><strong>Prohibici\u00f3n de pago por flujo de \u00f3rdenes<\/strong>\u00a0que perjudique la ejecuci\u00f3n \u00f3ptima del cliente.<\/li>\n\n\n\n<li>Un\u00a0<strong>procedimiento de reclamaciones<\/strong>\u00a0formalizado y accesible, con plazos de respuesta definidos.<\/li>\n\n\n\n<li>Para las plataformas que ofrecen stablecoins, mecanismos de\u00a0<strong>prueba de reservas (proof of reserves)<\/strong>, especialmente relevantes tras los cuestionamientos que sufrieron varias stablecoins en los \u00faltimos a\u00f1os.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">8. El pasaporte europeo: una licencia, veintisiete mercados<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Uno de los puntos que m\u00e1s suele sorprender a los usuarios es que&nbsp;<strong>no hace falta pedir una licencia en cada pa\u00eds<\/strong>. Un CASP autorizado por cualquier autoridad nacional competente, como la&nbsp;<strong>CNMV<\/strong>&nbsp;en Espa\u00f1a, la&nbsp;<strong>BaFin<\/strong>&nbsp;en Alemania, la&nbsp;<strong>AMF<\/strong>&nbsp;en Francia, la&nbsp;<strong>MFSA<\/strong>&nbsp;en Malta o la&nbsp;<strong>FMA<\/strong>&nbsp;en Austria, obtiene autom\u00e1ticamente el derecho de&nbsp;<strong>\u00abpasaporte\u00bb<\/strong>&nbsp;para prestar servicios en los 27 Estados miembros mediante una simple notificaci\u00f3n, sin tener que iniciar un proceso de autorizaci\u00f3n distinto en cada mercado.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esto explica por qu\u00e9 los grandes exchanges internacionales han elegido puntos de entrada muy concretos: Malta se ha convertido en la sede favorita de plataformas grandes como OKX o Crypto.com, Luxemburgo ha atra\u00eddo marcas globales que buscan pasaporte r\u00e1pido, como Coinbase o Bitstamp, Austria concentra las entidades europeas de Bybit y KuCoin, y los Pa\u00edses Bajos combinan fintechs de pagos con exchanges nativos como Bitvavo.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9. Lo que MiCA no exige (y por qu\u00e9 importa)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Para entender bien el marco tambi\u00e9n conviene saber qu\u00e9 queda fuera:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Los exchanges descentralizados (DEX)<\/strong>, como Uniswap o Curve, no necesitan licencia CASP porque no custodian fondos de terceros, ya que el usuario mantiene siempre el control de sus claves privadas.<\/li>\n\n\n\n<li><strong>No existe un r\u00e9gimen de equivalencia para terceros pa\u00edses.<\/strong>\u00a0Una empresa con sede fuera de la UE no puede simplemente \u00abreconocer\u00bb su licencia extranjera: tiene que constituir una filial f\u00edsica en un Estado miembro, con un director residente real y una autorizaci\u00f3n CASP completa desde cero.<\/li>\n\n\n\n<li>MiCA tampoco regula los\u00a0<strong>instrumentos financieros tokenizados<\/strong>\u00a0que ya caen bajo MiFID II, para evitar solapamientos normativos.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">10. Qui\u00e9nes han conseguido de verdad la licencia (julio de 2026)<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Todo lo anterior es la teor\u00eda. En la pr\u00e1ctica, este es el listado de exchanges que a d\u00eda de hoy cuentan con autorizaci\u00f3n MiCA confirmada, con la fecha en que la obtuvieron y el pa\u00eds que actu\u00f3 como autoridad competente. Es un buen ejercicio ver cu\u00e1ntos de los exchanges que probablemente usas aparecen aqu\u00ed, y cu\u00e1ntos no:<\/p>\n\n\n\n<meta charset=\"UTF-8\">\n<title>Exchanges con licencia MiCA<\/title>\n<style>\n  .mica-table-wrapper { \n    width: 100%; \n    margin: 2rem 0; \n    font-family: -apple-system, BlinkMacSystemFont, \"Segoe UI\", Roboto, sans-serif;\n  }\n  \n  .mica-table { \n    width: 100%; \n    border-collapse: collapse; \n    background: #fff; \n  }\n\n  .mica-table thead th { \n    padding: 1.5rem 0.8rem; \n    font-size: 0.75rem;     \n    font-weight: 700; \n    text-transform: uppercase; \n    color: #64748b; \n    border-bottom: 2px solid #e2e8f0; \n    text-align: left; \n  }\n\n  .mica-table tbody td { \n    padding: 1.2rem 0.8rem; \n    border-bottom: 1px solid #f1f5f9; \n    text-align: left; \n    color: #1e293b; \n    font-size: 1rem;       \n  }\n  \n  .col-num { width: 40px; text-align: center !important; }\n  .col-exchange { width: 35%; }\n  \n  .cell-num { color: #94a3b8; font-weight: 500; text-align: center; }\n  .cell-exchange { font-weight: 600; display: flex; align-items: center; gap: 12px; }\n  .cell-logo { width: 26px; height: 26px; object-fit: contain; }\n\n  \/* Ajuste para m\u00f3viles *\/\n  @media (max-width: 480px) {\n    .mica-table thead th { padding: 1rem 0.4rem; font-size: 0.7rem; }\n    .mica-table tbody td { padding: 1rem 0.4rem; font-size: 0.85rem; }\n    .cell-logo { width: 20px; height: 20px; }\n    .cell-exchange { gap: 6px; }\n  }\n<\/style>\n\n\n<div class=\"mica-table-wrapper\">\n  <table class=\"mica-table\">\n    <thead>\n      <tr>\n        <th class=\"col-num\">#<\/th>\n        <th class=\"col-exchange\">Exchange<\/th>\n        <th>Licencia<\/th>\n        <th>Sede<\/th>\n      <\/tr>\n    <\/thead>\n    <tbody>\n      <tr><td class=\"cell-num\">01<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.coinbase.svg\" class=\"cell-logo\"> Coinbase<\/td><td>jun 2024<\/td><td>Luxemburgo<\/td><\/tr>\n      <tr><td class=\"cell-num\">02<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.bitstamp.borde_.svg\" class=\"cell-logo\"> Bitstamp<\/td><td>jul 2024<\/td><td>Luxemburgo<\/td><\/tr>\n      <tr><td class=\"cell-num\">03<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.kraken.svg\" class=\"cell-logo\"> Kraken<\/td><td>sep 2024<\/td><td>Irlanda<\/td><\/tr>\n      <tr><td class=\"cell-num\">04<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.bitvavo.borde_.svg\" class=\"cell-logo\"> Bitvavo<\/td><td>dic 2024<\/td><td>P. Bajos<\/td><\/tr>\n      <tr><td class=\"cell-num\">05<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.gemini.borde_.svg\" class=\"cell-logo\"> Gemini<\/td><td>dic 2024<\/td><td>Malta<\/td><\/tr>\n      <tr><td class=\"cell-num\">06<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.crypto.borde_.svg\" class=\"cell-logo\"> Crypto.com<\/td><td>dic 2024<\/td><td>Malta<\/td><\/tr>\n      <tr><td class=\"cell-num\">07<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/coinmotion.svg\" class=\"cell-logo\"> Coinmotion<\/td><td>dic 2024<\/td><td>Finlandia<\/td><\/tr>\n      <tr><td class=\"cell-num\">08<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/onetrading.svg\" class=\"cell-logo\"> One Trading<\/td><td>ene 2025<\/td><td>P. Bajos<\/td><\/tr>\n      <tr><td class=\"cell-num\">09<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/coinmerce.svg\" class=\"cell-logo\"> Coinmerce<\/td><td>ene 2025<\/td><td>P. Bajos<\/td><\/tr>\n      <tr><td class=\"cell-num\">10<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.bitpanda.borde_.svg\" class=\"cell-logo\"> Bitpanda<\/td><td>ene 2025<\/td><td>Austria<\/td><\/tr>\n      <tr><td class=\"cell-num\">11<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.okx_.borde_.svg\" class=\"cell-logo\"> OKX<\/td><td>ene 2025<\/td><td>Malta<\/td><\/tr>\n      <tr><td class=\"cell-num\">12<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/safello.svg\" class=\"cell-logo\"> Safello<\/td><td>ene 2025<\/td><td>Suecia<\/td><\/tr>\n      <tr><td class=\"cell-num\">13<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/logo.coinjar.svg\" class=\"cell-logo\"> CoinJar EU<\/td><td>feb 2025<\/td><td>Irlanda<\/td><\/tr>\n      <tr><td class=\"cell-num\">14<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/bullish.svg\" class=\"cell-logo\"> Bullish<\/td><td>mar 2025<\/td><td>Alemania<\/td><\/tr>\n      <tr><td class=\"cell-num\">15<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.gate_.borde_.svg\" class=\"cell-logo\"> Gate.io EU<\/td><td>abr 2025<\/td><td>Malta<\/td><\/tr>\n      <tr><td class=\"cell-num\">16<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.bybit_.svg\" class=\"cell-logo\"> Bybit EU<\/td><td>may 2025<\/td><td>Austria<\/td><\/tr>\n      <tr><td class=\"cell-num\">17<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.kucoin1.borde_.svg\" class=\"cell-logo\"> KuCoin EU<\/td><td>jun 2025<\/td><td>Austria<\/td><\/tr>\n      <tr><td class=\"cell-num\">18<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.bitget.svg\" class=\"cell-logo\"> Bitget EU<\/td><td>jun 2025<\/td><td>Malta<\/td><\/tr>\n      <tr><td class=\"cell-num\">19<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/01\/logo.bit2me.borde_.svg\" class=\"cell-logo\"> Bit2Me<\/td><td>jul 2025<\/td><td>Espa\u00f1a<\/td><\/tr>\n      <tr><td class=\"cell-num\">20<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/finst.svg\" class=\"cell-logo\"> Finst<\/td><td>jul 2025<\/td><td>P. Bajos<\/td><\/tr>\n      <tr><td class=\"cell-num\">21<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/blox.svg\" class=\"cell-logo\"> BLOX<\/td><td>oct 2025<\/td><td>P. Bajos<\/td><\/tr>\n      <tr><td class=\"cell-num\">22<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2026\/06\/swissborg.svg\" class=\"cell-logo\"> Swissborg<\/td><td>jun 2026<\/td><td>Suiza<\/td><\/tr>\n      <tr><td class=\"cell-num\">23<\/td><td class=\"cell-exchange\"><img decoding=\"async\" src=\"https:\/\/exchangeselector.com\/wp-content\/uploads\/2025\/12\/logo.whitebit.svg\" class=\"cell-logo\"> WhiteBIT EU<\/td><td>jun 2026<\/td><td>Austria<\/td><\/tr>\n    <\/tbody>\n  <\/table>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Un patr\u00f3n salta a la vista:&nbsp;<strong>Malta, Luxemburgo, Austria y los Pa\u00edses Bajos concentran la mayor\u00eda de las autorizaciones<\/strong>, gracias a autoridades nacionales que han sido especialmente \u00e1giles tramitando expedientes MiCA. Tambi\u00e9n conviene notar que varias de estas marcas globales operan en Europa a trav\u00e9s de una&nbsp;<strong>entidad europea separada de su matriz<\/strong>&nbsp;(Bybit EU, KuCoin EU, Gate.io EU, Bitget EU), lo que refuerza la idea de que el pasaporte europeo se construye desde dentro de la UE, y no por reconocimiento de licencias extranjeras.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">11. Qu\u00e9 pasa si un exchange opera sin cumplir estos requisitos<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">La respuesta corta es que nada bueno, ni para la empresa ni para el usuario. Operar sin autorizaci\u00f3n tras el 1 de julio de 2026 constituye una&nbsp;<strong>infracci\u00f3n directa de la legislaci\u00f3n de la UE<\/strong>, no una laguna aprovechable. Las sanciones pueden alcanzar entre&nbsp;<strong>5 y 15 millones de euros, o hasta el 12,5% de la facturaci\u00f3n global<\/strong>&nbsp;de la compa\u00f1\u00eda, seg\u00fan el pa\u00eds y la gravedad. Varias autoridades nacionales, entre ellas la CNMV espa\u00f1ola y la AMF francesa, ya han advertido p\u00fablicamente a plataformas concretas sobre la obligaci\u00f3n de cumplir antes de la fecha l\u00edmite.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Para el usuario, el riesgo pr\u00e1ctico es distinto pero igual de real: si el exchange que usas nunca lleg\u00f3 a tener la segregaci\u00f3n de fondos, la custodia auditada o los planes de continuidad que exige MiCA, tus criptoactivos podr\u00edan quedar atrapados o perderse en caso de problemas operativos o insolvencia, exactamente el escenario que la regulaci\u00f3n pretende evitar.<\/p>\n\n\n<style>.kb-row-layout-id8728_bd2334-b2 > .kt-row-column-wrap{align-content:start;}:where(.kb-row-layout-id8728_bd2334-b2 > .kt-row-column-wrap) > .wp-block-kadence-column{justify-content:start;}.kb-row-layout-id8728_bd2334-b2 > .kt-row-column-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:var(--global-kb-gap-md, 2rem);max-width:860px;margin-left:auto;margin-right:auto;padding-top:var(--global-kb-spacing-md, 2rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);grid-template-columns:minmax(0, 1fr);}.kb-row-layout-id8728_bd2334-b2 > .kt-row-layout-overlay{opacity:0.30;}@media all and (max-width: 1024px){.kb-row-layout-id8728_bd2334-b2 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}@media all and (max-width: 767px){.kb-row-layout-id8728_bd2334-b2 > .kt-row-column-wrap{grid-template-columns:minmax(0, 1fr);}}<\/style><div class=\"kb-row-layout-wrap kb-row-layout-id8728_bd2334-b2 alignfull has-theme-palette9-background-color kt-row-has-bg wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n<style>.kadence-column8728_1c3dab-6c > .kt-inside-inner-col,.kadence-column8728_1c3dab-6c > .kt-inside-inner-col:before{border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;}.kadence-column8728_1c3dab-6c > .kt-inside-inner-col{column-gap:var(--global-kb-gap-sm, 1rem);}.kadence-column8728_1c3dab-6c > .kt-inside-inner-col{flex-direction:column;}.kadence-column8728_1c3dab-6c > .kt-inside-inner-col > .aligncenter{width:100%;}.kadence-column8728_1c3dab-6c > .kt-inside-inner-col:before{opacity:0.3;}.kadence-column8728_1c3dab-6c{position:relative;}@media all and (max-width: 1024px){.kadence-column8728_1c3dab-6c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}@media all and (max-width: 767px){.kadence-column8728_1c3dab-6c > .kt-inside-inner-col{flex-direction:column;justify-content:center;}}<\/style>\n<div class=\"wp-block-kadence-column kadence-column8728_1c3dab-6c kb-section-dir-vertical inner-column-1\"><div class=\"kt-inside-inner-col\"><style>.wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35, .wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35[data-kb-block=\"kb-adv-heading8728_0a109d-35\"]{margin-top:0px;margin-bottom:var(--global-kb-spacing-sm, 1.5rem);text-align:left;font-size:25px;line-height:1.2em;font-style:normal;color:#000000;}.wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35[data-kb-block=\"kb-adv-heading8728_0a109d-35\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35[data-kb-block=\"kb-adv-heading8728_0a109d-35\"] img.kb-inline-image{width:150px;vertical-align:baseline;}@media all and (max-width: 1024px){.wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35, .wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35[data-kb-block=\"kb-adv-heading8728_0a109d-35\"]{font-size:24px;}}@media all and (max-width: 767px){.wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35, .wp-block-kadence-advancedheading.kt-adv-heading8728_0a109d-35[data-kb-block=\"kb-adv-heading8728_0a109d-35\"]{font-size:20px;}}<\/style>\n<h2 class=\"kt-adv-heading8728_0a109d-35 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading8728_0a109d-35\">(FAQ) Preguntas frecuentes<\/h2>\n\n\n<style>.kt-accordion-id8728_a277b3-4b .kt-accordion-inner-wrap{column-gap:var(--global-kb-gap-md, 2rem);row-gap:32px;}.kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner{border-top:0px solid transparent;border-right:0px solid transparent;border-bottom:0px solid var(--global-palette5, #4A5568);border-left:0px solid transparent;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:0px;padding-left:var(--global-kb-spacing-md, 2rem);}.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top:1px solid var(--global-palette3, #1A202C);border-right-color:#eeeeee;border-right-style:solid;border-bottom:0px solid var(--global-palette3, #1A202C);border-left-color:#eeeeee;border-left-style:solid;border-top-left-radius:0px;border-top-right-radius:0px;border-bottom-right-radius:0px;border-bottom-left-radius:0px;background:var(--global-palette9, #ffffff);color:var(--global-palette3, #1A202C);padding-top:var(--global-kb-spacing-md, 2rem);padding-right:var(--global-kb-spacing-md, 2rem);padding-bottom:0px;padding-left:0px;}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette6, #718096);}.kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner, .kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner h1, .kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner h2, .kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner h3, .kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner h4, .kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner h5, .kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner h6{color:var(--global-palette3, #1A202C);}.kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner a{color:var(--global-palette1, #3182CE);}.kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner a:hover{color:var(--global-palette2, #2B6CB0);}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger{background:var(--global-palette6, #718096);}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette9, #ffffff);}.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id8728_a277b3-4b .kt-blocks-accordion-header:focus-visible{color:var(--global-palette1, #3182CE);border-top-color:var(--global-palette3, #1A202C);border-top-style:solid;border-right-color:var(--global-palette3, #1A202C);border-right-style:solid;border-bottom-color:var(--global-palette3, #1A202C);border-bottom-style:solid;border-left-color:var(--global-palette3, #1A202C);border-left-style:solid;}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger:before, body:not(.hide-focus-outline) .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion--visible .kt-blocks-accordion-icon-trigger:after, body:not(.hide-focus-outline) .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle ) .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette5, #4A5568);}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:hover .kt-blocks-accordion-icon-trigger, body:not(.hide-focus-outline) .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible .kt-blocks-accordion-icon-trigger{background:var(--global-palette5, #4A5568);}.kt-accordion-id8728_a277b3-4b .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{color:var(--global-palette3, #1A202C);border-top-color:var(--global-palette3, #1A202C);border-top-style:solid;border-right-color:var(--global-palette3, #1A202C);border-right-style:solid;border-bottom-color:var(--global-palette3, #1A202C);border-bottom-style:solid;border-left-color:var(--global-palette3, #1A202C);border-left-style:solid;}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:after, .kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basiccircle ):not( .kt-accodion-icon-style-xclosecircle ):not( .kt-accodion-icon-style-arrowcircle )  > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger:before{background:var(--global-palette6, #718096);}.kt-accordion-id8728_a277b3-4b:not( .kt-accodion-icon-style-basic ):not( .kt-accodion-icon-style-xclose ):not( .kt-accodion-icon-style-arrow ) .kt-blocks-accordion-header.kt-accordion-panel-active .kt-blocks-accordion-icon-trigger{background:var(--global-palette6, #718096);}@media all and (max-width: 1024px){.kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner{border-top:0px solid transparent;border-right:0px solid transparent;border-bottom:0px solid var(--global-palette5, #4A5568);border-left:0px solid transparent;}}@media all and (max-width: 1024px){.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top:1px solid var(--global-palette3, #1A202C);border-right-color:#eeeeee;border-right-style:solid;border-bottom:0px solid var(--global-palette3, #1A202C);border-left-color:#eeeeee;border-left-style:solid;}}@media all and (max-width: 1024px){.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id8728_a277b3-4b .kt-blocks-accordion-header:focus-visible{border-top-color:var(--global-palette3, #1A202C);border-top-style:solid;border-right-color:var(--global-palette3, #1A202C);border-right-style:solid;border-bottom-color:var(--global-palette3, #1A202C);border-bottom-style:solid;border-left-color:var(--global-palette3, #1A202C);border-left-style:solid;}}@media all and (max-width: 1024px){.kt-accordion-id8728_a277b3-4b .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:var(--global-palette3, #1A202C);border-top-style:solid;border-right-color:var(--global-palette3, #1A202C);border-right-style:solid;border-bottom-color:var(--global-palette3, #1A202C);border-bottom-style:solid;border-left-color:var(--global-palette3, #1A202C);border-left-style:solid;}}@media all and (max-width: 767px){.kt-accordion-id8728_a277b3-4b .kt-accordion-inner-wrap{display:block;}.kt-accordion-id8728_a277b3-4b .kt-accordion-inner-wrap .kt-accordion-pane:not(:first-child){margin-top:32px;}.kt-accordion-id8728_a277b3-4b .kt-accordion-panel-inner{border-top:0px solid transparent;border-right:0px solid transparent;border-bottom:0px solid var(--global-palette5, #4A5568);border-left:0px solid transparent;padding-top:0px;padding-right:var(--global-kb-spacing-md, 2rem);padding-bottom:var(--global-kb-spacing-md, 2rem);padding-left:var(--global-kb-spacing-md, 2rem);}.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header{border-top:1px solid var(--global-palette3, #1A202C);border-right-color:#eeeeee;border-right-style:solid;border-bottom:0px solid var(--global-palette3, #1A202C);border-left-color:#eeeeee;border-left-style:solid;padding-top:var(--global-kb-spacing-sm, 1.5rem);padding-right:var(--global-kb-spacing-sm, 1.5rem);padding-bottom:var(--global-kb-spacing-sm, 1.5rem);padding-left:var(--global-kb-spacing-sm, 1.5rem);}.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header:hover, \n\t\t\t\tbody:not(.hide-focus-outline) .kt-accordion-id8728_a277b3-4b .kt-blocks-accordion-header:focus-visible{border-top-color:var(--global-palette3, #1A202C);border-top-style:solid;border-right-color:var(--global-palette3, #1A202C);border-right-style:solid;border-bottom-color:var(--global-palette3, #1A202C);border-bottom-style:solid;border-left-color:var(--global-palette3, #1A202C);border-left-style:solid;}.kt-accordion-id8728_a277b3-4b .kt-accordion-header-wrap .kt-blocks-accordion-header:focus-visible,\n\t\t\t\t.kt-accordion-id8728_a277b3-4b > .kt-accordion-inner-wrap > .wp-block-kadence-pane > .kt-accordion-header-wrap > .kt-blocks-accordion-header.kt-accordion-panel-active{border-top-color:var(--global-palette3, #1A202C);border-top-style:solid;border-right-color:var(--global-palette3, #1A202C);border-right-style:solid;border-bottom-color:var(--global-palette3, #1A202C);border-bottom-style:solid;border-left-color:var(--global-palette3, #1A202C);border-left-style:solid;}}<\/style>\n<div class=\"wp-block-kadence-accordion alignnone\"><div class=\"kt-accordion-wrap kt-accordion-id8728_a277b3-4b kt-accordion-has-5-panes kt-active-pane-0 kt-accordion-block kt-pane-header-alignment-left kt-accodion-icon-style-arrow kt-accodion-icon-side-left\" style=\"max-width:none\"><div class=\"kt-accordion-inner-wrap\" data-allow-multiple-open=\"false\" data-start-open=\"none\">\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-1 kt-pane8728_2c4b25-cb\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>\u00bfC\u00f3mo s\u00e9 si el exchange que uso est\u00e1 realmente autorizado, y no solo lo dice en su web?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading8728_c85bb3-a9, .wp-block-kadence-advancedheading.kt-adv-heading8728_c85bb3-a9[data-kb-block=\"kb-adv-heading8728_c85bb3-a9\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading8728_c85bb3-a9 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading8728_c85bb3-a9[data-kb-block=\"kb-adv-heading8728_c85bb3-a9\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading8728_c85bb3-a9 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading8728_c85bb3-a9[data-kb-block=\"kb-adv-heading8728_c85bb3-a9\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading8728_c85bb3-a9 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading8728_c85bb3-a9\">El dato fiable es el\u00a0<strong>registro p\u00fablico de CASP de ESMA<\/strong>, que recoge todas las entidades autorizadas, la autoridad que las supervisa y el alcance exacto de servicios para los que tienen permiso. Fijarse solo en el logo o en el texto de la propia plataforma no es suficiente: conviene comprobar el registro directamente.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-5 kt-pane8728_49fe3f-8f\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>Si un exchange tiene licencia en Malta, \u00bfpuede operar legalmente en Espa\u00f1a?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading8728_03a7ed-7a, .wp-block-kadence-advancedheading.kt-adv-heading8728_03a7ed-7a[data-kb-block=\"kb-adv-heading8728_03a7ed-7a\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading8728_03a7ed-7a mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading8728_03a7ed-7a[data-kb-block=\"kb-adv-heading8728_03a7ed-7a\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading8728_03a7ed-7a img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading8728_03a7ed-7a[data-kb-block=\"kb-adv-heading8728_03a7ed-7a\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading8728_03a7ed-7a wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading8728_03a7ed-7a\">S\u00ed. Gracias al\u00a0<strong>pasaporte europeo<\/strong>, una autorizaci\u00f3n obtenida en cualquier Estado miembro es v\u00e1lida en los 27 pa\u00edses de la UE mediante notificaci\u00f3n a la autoridad de cada pa\u00eds donde quiera operar, sin necesidad de una segunda solicitud completa.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-2 kt-pane8728_f20e35-6a\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>\u00bfUna plataforma que solo deja comprar y vender, sin guardar saldo, tambi\u00e9n necesita la licencia m\u00e1s alta (Clase 3)?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading8728_8d3647-36, .wp-block-kadence-advancedheading.kt-adv-heading8728_8d3647-36[data-kb-block=\"kb-adv-heading8728_8d3647-36\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading8728_8d3647-36 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading8728_8d3647-36[data-kb-block=\"kb-adv-heading8728_8d3647-36\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading8728_8d3647-36 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading8728_8d3647-36[data-kb-block=\"kb-adv-heading8728_8d3647-36\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading8728_8d3647-36 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading8728_8d3647-36\">No necesariamente. Si el modelo de negocio no incluye custodia, por ejemplo un br\u00f3ker que ejecuta la orden y transfiere de inmediato los activos a una wallet externa del cliente sin retenerlos, podr\u00eda bastarle con la\u00a0<strong>Clase 2<\/strong>. Pero en cuanto el usuario puede dejar un saldo en la plataforma despu\u00e9s de operar, la actividad se considera custodia y exige Clase 3.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-3 kt-pane8728_e76538-64\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong><strong>\u00bfQu\u00e9 diferencia hay entre un exchange \u00abregistrado\u00bb y uno \u00abautorizado\u00bb bajo MiCA?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading8728_7bbaca-93, .wp-block-kadence-advancedheading.kt-adv-heading8728_7bbaca-93[data-kb-block=\"kb-adv-heading8728_7bbaca-93\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading8728_7bbaca-93 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading8728_7bbaca-93[data-kb-block=\"kb-adv-heading8728_7bbaca-93\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading8728_7bbaca-93 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading8728_7bbaca-93[data-kb-block=\"kb-adv-heading8728_7bbaca-93\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading8728_7bbaca-93 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading8728_7bbaca-93\">Mucha. Durante el r\u00e9gimen transitorio, muchas plataformas operaban con\u00a0<strong>registros nacionales antiguos<\/strong>\u00a0(como el registro de proveedores de servicios sobre activos virtuales del Banco de Espa\u00f1a), que exig\u00edan controles mucho m\u00e1s ligeros. La\u00a0<strong>autorizaci\u00f3n CASP plena<\/strong>\u00a0es un proceso distinto y mucho m\u00e1s exigente, con capital, gobernanza, custodia auditada y resiliencia tecnol\u00f3gica verificados por el supervisor antes de conceder la licencia.<\/p>\n<\/div><\/div><\/div>\n\n\n\n<div class=\"wp-block-kadence-pane kt-accordion-pane kt-accordion-pane-4 kt-pane8728_1e1895-44\"><div class=\"kt-accordion-header-wrap\"><button class=\"kt-blocks-accordion-header kt-acccordion-button-label-show\" type=\"button\"><span class=\"kt-blocks-accordion-title-wrap\"><span class=\"kt-blocks-accordion-title\"><strong><strong><strong><strong><strong><strong><strong>\u00bfLos exchanges de Estados Unidos o Asia pueden operar en la UE sin abrir una entidad europea?<\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/strong><\/span><\/span><span class=\"kt-blocks-accordion-icon-trigger\"><\/span><\/button><\/div><div class=\"kt-accordion-panel kt-accordion-panel-hidden\"><div class=\"kt-accordion-panel-inner\"><style>.wp-block-kadence-advancedheading.kt-adv-heading8728_938b15-26, .wp-block-kadence-advancedheading.kt-adv-heading8728_938b15-26[data-kb-block=\"kb-adv-heading8728_938b15-26\"]{font-style:normal;}.wp-block-kadence-advancedheading.kt-adv-heading8728_938b15-26 mark.kt-highlight, .wp-block-kadence-advancedheading.kt-adv-heading8728_938b15-26[data-kb-block=\"kb-adv-heading8728_938b15-26\"] mark.kt-highlight{font-style:normal;color:#f76a0c;-webkit-box-decoration-break:clone;box-decoration-break:clone;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;}.wp-block-kadence-advancedheading.kt-adv-heading8728_938b15-26 img.kb-inline-image, .wp-block-kadence-advancedheading.kt-adv-heading8728_938b15-26[data-kb-block=\"kb-adv-heading8728_938b15-26\"] img.kb-inline-image{width:150px;vertical-align:baseline;}<\/style>\n<p class=\"kt-adv-heading8728_938b15-26 wp-block-kadence-advancedheading\" data-kb-block=\"kb-adv-heading8728_938b15-26\">No. MiCA\u00a0<strong>no reconoce equivalencias de terceros pa\u00edses<\/strong>. Una empresa extranjera debe constituir una filial dentro de un Estado miembro, con direcci\u00f3n efectiva y personal residente en la UE, y superar el mismo proceso de autorizaci\u00f3n que cualquier empresa europea. Es la raz\u00f3n por la que muchos grandes exchanges globales operan en la UE a trav\u00e9s de una entidad separada, por ejemplo \u00abBybit EU\u00bb o \u00abKuCoin EU\u00bb, distinta de su matriz global.<br><\/p>\n<\/div><\/div><\/div>\n<\/div><\/div><\/div>\n<\/div><\/div>\n\n<\/div><\/div>\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Desde el pasado 1 de julio, la pregunta que se hacen millones de usuarios europeos de criptomonedas ya no es \u00ab\u00bfqu\u00e9 es MiCA?\u00bb, sino algo mucho m\u00e1s pr\u00e1ctico:&nbsp;\u00bfmi exchange cumple de verdad, o solo lo parece?&nbsp;El r\u00e9gimen transitorio que permit\u00eda operar con registros nacionales antiguos ha terminado de forma definitiva en los 27 Estados miembros,&#8230;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[15],"tags":[],"class_list":["post-8728","post","type-post","status-publish","format-standard","hentry","category-reviews-exchanges"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\u00bfQu\u00e9 necesita realmente un exchange para estar regulado por MiCA? 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