Spanish Securities Commission publishes report finding digital assets are maturing and integrating into traditional markets

The Spanish Securities Commission (CNMV) published a report on the state of digital assets, concluding that the sector is moving into a more mature phase marked by the progressive integration of these assets into traditional financial markets. The analysis covers stablecoins, decentralised finance (DeFi) and the use of distributed ledger technology (DLT) in markets, and was presented at an event marking one year of MiCA application. The report notes significant cryptoasset market growth over the past two years, driven by institutional adoption, technological advances including artificial intelligence and more favourable regulation in some jurisdictions. It describes stablecoins as a key element of the ecosystem, while highlighting that almost all are referenced to the US dollar with issuance exceeding USD 300 billion, which may affect European financial strategy and the authorisation of issuers with significant pre-existing issuance in other jurisdictions, and requires licensing under both cryptoasset and electronic money frameworks. DeFi’s total value locked has risen above USD 150 billion but continues to pose major supervision and investor-protection challenges. The report also points to heterogeneous international regulatory approaches, notes that MiCA excludes certain activities such as staking and lending, and flags that DLT adoption in securities markets remains gradual due to the need for substantial regulatory and operational changes.