Crypto License in Spain 2025
Spain has positioned itself as a leading EU jurisdiction for crypto businesses under MiCA, with the CNMV now granting CASP authorizations that unlock EU passporting rights across all 27 member states. The transitional period runs until 1 July 2026, making timely preparation essential for existing operators seeking crypto licenses in Europe.
Crypto Regulation Overview in Spain
Understanding Spain’s regulatory architecture is essential before pursuing MiCA registration. The CNMV (Comisión Nacional del Mercado de Valores) serves as the primary competent authority for CASP authorization, handling applications, supervising licensed entities, and overseeing crypto advertising requirements.
The Banco de España retains oversight of e-money token issuers and previously maintained the VASP registry under AML legislation. That registry closed to new entrants on 30 December 2024, so any new market participant must now apply directly to the CNMV for digital asset permit approval.
For AML/CFT compliance, SEPBLAC remains the supervisory authority under Law 10/2010, conducting oversight of customer due diligence, transaction monitoring, and suspicious activity reporting. One detail that caught a client off guard: even after obtaining CNMV authorization, ongoing AML obligations stay with SEPBLAC. Law 6/2023 introduces the preparatory reforms to align Spanish law with MiCAR.
Key regulatory bodies and their responsibilities:
- CNMV: CASP authorisation, supervision, advertising oversight, enforcement of MiCA conduct requirements
- Banco de España: ART issuer oversight, prudential supervision for stablecoin issuers
- SEPBLAC: AML/CFT compliance under Law 10/2010, KYC procedures, transaction monitoring, suspicious activity reporting
Agencia Tributaria: Tax obligations for crypto businesses operating in Spain
Spain offers several compelling reasons for crypto licenses, which is why we saw increased interest from clients throughout 2025. The combination of regulatory clarity and market opportunity makes it worth serious consideration for EU market entry.
Core advantages:
- EU passporting rights: Single authorisation provides access to all 27 Member States through notification procedure
- Flexible presence requirements: No mandatory physical office; a legal address suffices for MiCA registration (establishment and presence must still be in an EU member state)
- Regulatory momentum: Spain’s 18-month transitional period signals CNMV’s commitment to processing applications efficiently
A significant signal: Spain leads the EU in cryptocurrency ATM installations, indicating strong retail adoption and infrastructure readiness for digital asset permit holders entering the market.
Permitted Activities Under Crypto License in Spain
MiCA defines specific crypto asset services requiring authorization, and selecting the correct classification directly impacts your capital requirements under Article 67. Our experts always map client business models against these categories before preparing applications, as underestimating scope is a common and costly mistake.
| Service Category | MiCA Reference (Annex IV) | Minimum Capital |
| Custody and administration (Class 2) | Article 75 | €125,000 |
| Operation of trading platform (Class 3) | Article 76 | €150,000 |
| Exchange (crypto/fiat or crypto/crypto) (Class 2) | Article 77 | €125,000 |
| Execution of orders (Class 2) | Article 78 | €125,000 |
| Placing of crypto assets (Class 2) | Article 79 | €125,000 |
| Reception and transmission of orders (Class 1) | Article 80 | €50,000 |
| Advice on crypto assets (Class 1) | Article 81 | €50,000 |
| Portfolio management (Class 2) | Article 81 | €125,000 |
| Transfer services (Class 2) | Article 82 | €125,000 |
CNMV evaluates CASP applications against several requirement categories. Below we organized these based on where clients most frequently encounter gaps during the preparation phase.
| Category | Key Requirements |
| Corporate | Spanish registered entity (S.L. or S.A.), registered office address, corporate documentation |
| Prudential | Continuous own funds requirement, equal to the higher of the minimum capital threshold (€50,000 to €150,000 per service class) OR one quarter of fixed overheads from prior year |
| Governance | Fit and proper assessment for directors and qualifying shareholders, at least one EU resident director, clear organisational structure |
| AML/CFT | Appointed MLRO, KYC policies, transaction monitoring procedures, suspicious activity reporting to SEPBLAC |
| Operational | IT security systems, business continuity plans, data protection compliance, cybersecurity measures |
Critical clarification on capital: Article 67 requires prudential safeguards equal to the greater of the minimum capital or 25% of fixed overheads. These are alternatives, not cumulative. One client initially prepared €150,000 plus overhead calculations, which was unnecessary. The CNMV assesses whichever figure is higher.
Registration of Crypto Company in Spain
Before applying for CASP authorization, you need a Spanish legal entity. The standard choice is a Sociedad Limitada (S.L.), which is recommended for MiCA registration purposes.
The registration process follows these steps: reserve the company name through the Registro Mercantil Central, obtain NIE (foreigner identification) or NIF (tax identification), draft articles of association, execute before a Spanish notary, register with the Registro Mercantil, and complete tax registration with Agencia Tributaria. The standard timeline runs 3 to 4 weeks, though the CIRCE electronic system can reduce this to 10 to 15 days for straightforward formations.
The path to CASP authorization in Spain follows a structured sequence.
- Step 1: Preliminary Assessment. Prepare your business model in accordance with MiCA service categories and determine capital requirements under Article 67 (€50,000 to €150,000 depending on services). This phase typically takes 2 to 3 weeks.
- Step 2: Company Registration. Establish a Spanish S.L. with appropriate corporate documentation. Timeline: 3 to 4 weeks standard, faster through CIRCE.
- Step 3: Capitalisation. Deposit required own funds with a credit institution. Critical warning: capital must be in place before submission, not during review.
- Step 4: Documentation Package. Prepare a business plan, AML/CFT policies, governance structure, IT security documentation, and fit and proper questionnaires for directors. This phase consumes the most time, typically 6 to 8 weeks when done properly.
- Step 5: Team Formation. Appoint an EU resident director, MLRO, and compliance personnel. SEPBLAC expects an identifiable AML officer from day one.
- Step 6: CNMV Submission. File via the CNMV’s standardized application forms. The regulator may request clarifications within 10 business days of any information request.
- Step 7: Review Period. CNMV assessment takes up to 3 months from complete submission. Incomplete applications extend this considerably.
- Step 8: Authorisation and Ongoing Compliance. Upon approval, maintain continuous compliance with reporting obligations under CNMV Circular 2/2025, including audited annual accounts and AML disclosures to SEPBLAC.
Economic Substance Requirements in Spain
A registered legal address is mandatory, but physical office space is not required for MiCA registration.
Key flexibility points: at least one director must be an EU resident (not necessarily Spanish), and the AML officer can be appointed from any EU member state.
This approach reduces overhead for startups entering the EU market. For detailed guidance on structuring your Spanish CASP application, LegalBison provides jurisdiction-specific support, including director sourcing and registered office arrangements. The CNMV’s published handbook confirms these requirements align with ESMA/EBA guidelines on effective place of management.
Budgeting accurately prevents surprises during the authorization process. LegalBison typically prepares clients with the following breakdown:
Capital requirements under MiCA Annex IV represent the largest upfront commitment: €50,000 for advisory services only, €125,000 for custody or order execution, and €125,000 for exchange or trading platform operations. These funds must be deposited before submission.
Annual costs include MLRO compensation, compliance monitoring, audit fees, and regulatory reporting obligations under CNMV Circular 2/2025. One often overlooked expense: bank account maintenance and transaction monitoring systems, which can add €10,000 to €15,000 annually depending on volume.
Taxation of Cryptocurrencies in Spain
Tax planning should run parallel to your MiCA registration strategy. Spain’s tax regime differs significantly from a crypto license in Austria, where certain holding period exemptions apply.
Corporate tax stands at a 25% standard rate, with a reduced 15% rate for newly formed companies during their first two profitable years. VAT applies at 21% to services, though crypto asset transactions themselves are generally VAT exempt following EU case law. Capital gains for individual shareholders range from 19% to 28%, depending on the amount realized.
MiCA Transition Timeline in Spain
| Date | Milestone |
| June 2023 | MiCA enters into force |
| 30.06.2024 | EMT/ART provisions apply |
| 30.12.2024 | Full MiCA application; VASP registry closes |
| 30.06.2026 | Spain’s transitional period ends (extended) |
| 01.07.2026 | EU-wide grandfathering deadline |
Spain initially selected a 12-month transition under Article 143, but ESMA’s (European Securities and Market Authority) December 2025 update confirms an extension to 18 months, aligning Spain’s deadline with the EU-wide date of 30 June 2026. Given the limited number of Spanish MiCA authorizations to date, LegalBison advises clients that this extension significantly reduces the “cliff edge” risk for firms still preparing applications.
Compliance Requirements After Getting License
Securing your MiCA authorization is the starting point, not the finish line.
Ongoing obligations include:
- CNMV reporting: periodic prudential reports, notification of material changes, complaints data (cnmv.es)
- SEPBLAC submissions: suspicious transaction reports, annual AML/CFT compliance statements under Law 10/2010 (sepblac.es)
- Capital maintenance: continuous monitoring to ensure own funds remain above €50,000, €125,000, or €150,000 thresholds per Article 67
- DORA compliance: ICT risk management framework, incident reporting, and third-party provider oversight (required from January 2025)
- Regulatory communication: responding to supervisory inquiries within prescribed timeframes
LegalBison helps clients establish internal compliance calendars.
Common Misconceptions About Crypto License
After guiding dozens of firms through MiCA registration, our experts encountered the same misunderstandings repeatedly. LegalBison compiled the six most frequent myths:
| ❌ Myth | ✅ Reality |
| Physical office required in Spain | Legal address sufficient; no staffed premises mandatory: MiCA requires establishment and effective management in the EU but does not mandate a permanently staffed commercial office.
However, CNMV expects real substance (management presence, decision-making compliance function accessibility). |
| The director must be Spanish resident | Any EU resident qualifies |
| VASP registration equals CASP authorization | Different regimes: VASP was national AML registration; CASP is full MiCA regulatory approval |
| Capital requirement means share capital | Own funds per Article 67, not registered capital |
| Crypto services are prohibited in Spain | Fully legal with proper digital asset permit, when conducted in compliance with MiCA and AML laws. |
| The transitional period runs until July 2026 | Spain's deadline is 30 June 2026 |
Crypto Licensing Services by LegalBison
LegalBison is a licensed legal expert team with dedicated departments for MiCA registration, company formation, and personnel sourcing. We analyze your business model, recommend the right jurisdiction, assemble a tailored expert team, and manage the entire CNMV application. Our involvement extends beyond initial crypto authorization to ongoing compliance support and regulatory liaison.
Our Crypto License Application Process
LegalBison's approach to MiCA registration follows a structured sequence:
- Initial consultation: Business model analysis and jurisdiction recommendation
- KYC verification: Background checks on shareholders and directors
- Company formation: S.L. registration via Registro Mercantil
- Business plan: Drafting or refinement to meet CNMV requirements
- Documentation: AML/CFT policies, governance frameworks, operational procedures
- Capital proof: Coordination with banks for Article 67 own funds verification
- CNMV submission: Application filing and regulator correspondence
Ongoing support: Post-authorization compliance, SEPBLAC reporting, regulatory updates
FAQ About Crypto License in Spain
Submit a CASP authorization application to CNMV with required documentation: business plan, AML/CFT policies, governance structure, capital proof, and fit and proper evidence for directors. CNMV reviews within up to 3 months from complete submission. LegalBison manages this entire process for clients.
The budget goes well into the high five figures up to low-mid six figures. This includes company registration, minimum own funds requirement and advisory fees, including annual compliance costs.
Yes. Spain operates under EU MiCA Regulation (2023/1114) with CNMV as the competent authority for crypto authorization. Banco de España previously maintained the VASP registry, which closed 30 December 2024. SEPBLAC oversees AML/CFT compliance under Law 10/2010.
Corporate tax applies at a 25% standard rate (15% for new companies during first two profitable years). Capital gains for individuals range from 19% to 28%. Crypto holdings above thresholds trigger wealth tax. Foreign holdings exceeding €50,000 require Modelo 721 reporting.
Company formation takes 3 to 4 weeks standard. CNMV application review runs up to 3 months from complete submission. The total timeline typically spans 4 to 6 months.
Yes. Non-EU nationals can establish a Spanish S.L. and obtain MiCA registration. Requirements include at least one EU-resident director and a registered legal address. Physical office is not mandatory. NIE processing for foreign shareholders typically adds 2 to 3 weeks.
VASP was Spain’s national AML registration regime under Banco de España, now closed. CASP is the full MiCA authorization from CNMV offering EU passporting rights across 27 member states. VASPs operating before December 2024 must transition to CASP status by 30 June 2026.
