Crypto Overview in Spain

Regulatory data is for informational purposes only and may not reflect the most current legal developments. Always consult qualified professionals before making decisions.

Legal Classification & Regulatory Framework

Cryptocurrency Status

Cryptocurrencies are legal in Spain but do not hold the status of legal tender. Under Article 1.5 of Law 10/2010 (Spain’s anti-money laundering law, as amended by Royal Decree-Law 7/2021), virtual currency is defined as “a digital representation of value that is neither issued nor guaranteed by a central bank or public authority, is not necessarily associated with a legally established currency and does not have the legal status of currency or money, but is accepted as a medium of exchange and can be transferred, stored or traded electronically.”

For tax purposes, the Spanish Accounting Board (ICAC) classifies cryptocurrencies as either intangible assets or commercial inventory depending on their use. The CNMV has stated that cryptocurrencies are not per se securities, though tokens qualifying as financial instruments fall under existing securities regulation. Since December 30, 2024, the EU’s Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) applies directly, classifying crypto-assets into utility tokens, asset-referenced tokens (ARTs), and e-money tokens (EMTs).

Tax Treatment

Spain’s tax agency (Agencia Estatal de Administracion Tributaria, AEAT) applies progressive savings income rates to cryptocurrency capital gains: 19% on the first EUR 6,000, rising to 21% on gains between EUR 6,001 and EUR 50,000, 23% between EUR 50,001 and EUR 200,000, 27% between EUR 200,001 and EUR 300,000, and 28% on amounts exceeding EUR 300,000. Taxable events include selling crypto for fiat, swapping between cryptocurrencies, and spending crypto on goods or services. Spain applies the FIFO (first-in, first-out) method for calculating gains.

Mining income is treated as a business activity subject to general income tax rates (up to 47%), requiring registration as a self-employed worker (autonomo). Staking rewards are taxed as savings income upon receipt, with any subsequent disposal generating a separate capital gains event. The standard corporate tax rate is 25%, though startups qualifying under the Startup Law (Law 28/2022) benefit from a reduced 15% rate for their first four profitable years.

Spanish tax residents holding EUR 50,000 or more in crypto with foreign custodians must file Modelo 721, an annual overseas crypto declaration introduced by Royal Decree 249/2023. The first filing deadline for tax year 2023 was March 31, 2024. Crypto service providers operating in Spain must also file informative statements on customer balances (Modelo 172) and transactions (Modelo 173). From January 1, 2026, the EU’s DAC8 directive imposes automatic cross-border exchange of user transaction data between member state tax authorities, reinforcing domestic reporting obligations.

Regulatory Oversight

Spain operates a split-authority model under MiCA. The CNMV serves as the primary competent authority for CASPs (MiCA Title V) and for issuances of crypto-assets other than ARTs and EMTs (MiCA Title II), including authorisation, market conduct, and advertising compliance. This assignment is established by Article 251(h) of Law 6/2023 of 17 March on Securities Markets and Investment Services. The Banco de Espana (BdE) holds competence over issuers of asset-referenced tokens (MiCA Title III) and e-money tokens (MiCA Title IV); for tokens classified as significant by the European Banking Authority (EBA), supervisory responsibilities are shared between the EBA and the BdE.

SEPBLAC (Servicio Ejecutivo de la Comision de Prevencion del Blanqueo de Capitales e Infracciones Monetarias), Spain’s Financial Intelligence Unit, retains authority over all AML/CFT supervision, including KYC procedures, transaction monitoring, and suspicious activity reporting across all providers. Key regulatory instruments include CNMV Circular 1/2022 (advertising rules for crypto directed at retail investors, in force January 17, 2022) and CNMV Circular 2/2025, which establishes CASP reporting requirements covering audited annual accounts, client asset protection, and AML/CFT compliance.

Business Environment

Banking Relationships

Spain is notable in Europe for major traditional banks actively embracing crypto services under MiCA. BBVA became the first entity in Spain to receive a MiCA licence, granted by the CNMV on March 5, 2025, and subsequently launched Bitcoin and Ether trading and custody for all retail customers through its mobile app in July 2025. Banco Santander, through its online bank Openbank, has begun offering crypto trading services with expansion into Spain planned. Bankinter has invested in Bit2Me as part of a EUR 30 million funding round (August 2025) and partnered on distributed ledger technology services. Cecabank, a wholesale bank, uses Bit2Me’s API infrastructure to offer crypto custody and trading capabilities to regional banks.

The convergence of traditional banking and regulated crypto services in Spain is a direct consequence of the legal clarity that MiCA provides. Firms holding a Spanish CASP authorisation can passport their licence across the entire EU/EEA without needing separate national approvals.

Innovation Support

Spain’s regulatory sandbox, established by Law 7/2020 on Digital and Sustainable Finance, allows fintech and blockchain firms to test products under supervisory oversight with a defined legal safe harbour. Notable projects include EURM (MONEI), a tokenised euro pilot supported by the Spanish Treasury and the Banco de Espana that has progressed to cross-border digital euro testing within the ECB’s Eurosystem framework.

Spain is building the ISBE (Infraestructura de Servicios de Blockchain de Espana), a national blockchain network based on Hyperledger Besu aligned with the European Blockchain Services Infrastructure (EBSI), funded through EU Next Generation recovery funds. The Startup Law (Law 28/2022) provides additional incentives: a 15% reduced corporate tax rate for the first four profitable years, stock option exemptions up to EUR 50,000, and digital nomad visa provisions to attract international tech talent.

Crypto License in Spain

Obtaining a crypto licence in Spain now means obtaining CASP authorisation from the CNMV under MiCA. The Banco de Espana’s legacy VASP registry, which was the entry point for the market since October 2021, closed to new entrants on December 30, 2024. Approximately 97 to 106 entities had registered before that date. Any firm seeking to provide crypto-asset services in Spain from that point forward applies directly to the CNMV.

Licensing Requirements

The Banco de Espana VASP registration framework, created under Royal Decree-Law 7/2021 amending Law 10/2010, covered a narrower scope of activities: custody of virtual assets and exchange between virtual currencies and fiat. Registered VASPs were subject to fit-and-proper management tests, AML/CFT programme requirements under SEPBLAC oversight, and ongoing transaction monitoring obligations. These approximately 97-106 entities are eligible to use the MiCA transitional regime and must obtain full CASP authorisation from the CNMV by July 1, 2026.

Under MiCA, CASP authorisation requires minimum own funds of EUR 50,000 (Class 1, limited services), EUR 125,000 (Class 2), or EUR 150,000 (Class 3, full-service CASPs including custody, exchange, and portfolio management). Applicants must establish a registered office in Spain, demonstrate fit-and-proper management and shareholders, implement AML/KYC procedures meeting SEPBLAC standards, maintain client asset segregation, and submit documentation covering governance, IT infrastructure, cybersecurity, and risk management. Firms authorised in Spain may passport their licence across all EU/EEA member states.

Authorized Activities

MiCA defines ten CASP service categories, including custody, trading platform operation, exchange for fiat or other crypto-assets, order execution, order reception and transmission, placement, portfolio management, transfer services, advice, and crypto-asset lending. A CASP authorisation covers only the specific categories applied for, not all ten by default. For issuers of ARTs or EMTs, the competent authority is the Banco de Espana rather than the CNMV. Significant ART and EMT issuers with cross-border reach fall under joint European Banking Authority and BdE oversight.

Application Process and Timeline

The CNMV has established two authorisation tracks under MiCA. Track A applies to entities already authorised under EU financial services legislation (credit institutions, investment firms, e-money institutions): these firms may start providing CASP services following a simplified notification to the CNMV at least 40 working days before commencing activity, provided the proposed services fall within the scope of their existing licence. Track B applies to all other applicants and requires a full CASP authorisation procedure.

Under Track B, the CNMV reviews whether the application is complete within 40 working days of receipt; if incomplete, the CNMV notifies the applicant of deficiencies. Once an application is deemed complete, a substantive assessment period begins. The CNMV may issue one request for clarification, which suspends the review clock by up to 20 working days; applicants have 10 working days to respond. The overall authorisation process from submission of a complete application runs up to approximately three months. Once authorised, the CASP is registered with both the CNMV and the European Securities and Markets Authority (ESMA), granting EU-wide passporting rights.

Firms operating under the transitional regime may continue providing services until July 1, 2026, but transitional status does not confer passporting rights. The CNMV has confirmed that firms relying on transitional arrangements in their home EU jurisdictions cannot automatically serve Spanish clients under those arrangements.

Market Characteristics

Adoption Patterns

Spain has seen significant institutional adoption catalysed by MiCA’s regulatory clarity. The entry of major banks including BBVA and Santander into regulated crypto services signals growing mainstream acceptance. Bit2Me, Spain’s largest domestic crypto exchange and the first Spanish-speaking fintech to obtain CASP authorisation (July 2025), has expanded from primarily retail services to providing infrastructure for traditional financial institutions, including Cecabank and Bankinter, reflecting the market’s institutional maturation. Bitnovo, another Spain-based crypto operator, has also been active in regulated payment and exchange services in the Spanish market.

Industry Focus

Spain’s crypto ecosystem centres on regulated exchange and custody services, with growing emphasis on banking infrastructure integration. The Alastria consortium, one of Europe’s largest enterprise blockchain networks with hundreds of corporate and institutional members, drives adoption across financial services, healthcare, and logistics. The country benefits from a well-developed fintech sandbox, proactive CNMV engagement with the MiCA authorisation pipeline, and strategic positioning as a gateway between European and Latin American markets.

Regulatory Evolution

Spain’s regulatory trajectory has moved from AML-focused registration to comprehensive MiCA authorisation: from Royal Decree-Law 7/2021 (creating the Banco de Espana VASP registry), through CNMV Circular 1/2022 (advertising rules) and Law 6/2023 (assigning CNMV as MiCA competent authority), into full MiCA application from December 30, 2024. Spain initially set a 12-month transitional deadline of December 31, 2025, one of the more demanding stances in the EU, then extended to the maximum 18-month period (July 1, 2026) given the volume of pending applications. Spain is the only EU member state confirmed by ESMA’s December 1, 2025 grandfathering update to have extended from an initially announced 12-month to the full 18-month window.

The EU’s DAC8 tax transparency directive applies in Spain from January 1, 2026, requiring automatic reporting of user transaction data to the AEAT and cross-border sharing between EU member states. Spain maintains strong FATF ratings, having been found compliant or largely compliant on 38 of 40 recommendations.