Crypto License 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

Key Advantages of Crypto License 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.

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.

Requirements for Crypto License in Spain

CNMV evaluates CASP applications against several requirement categories. Below we organized these based on where clients most frequently encounter gaps during the preparation phase.

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.

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.

How to Get a Crypto License in Spain: Step-by-Step

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.

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.

Costs and Fees for Crypto License in Spain

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.

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.