Is crypto legal in Spain? Rules & regulation (2026)

Legal framework

EU Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) is directly applicable, with national supervision by the CNMV (Comisión Nacional del Mercado de Valores) for CASPs/ARTs market conduct and the Banco de España for stablecoin (ART/EMT) prudential supervision. National rules complement MiCA: Ley 6/2023 de los Mercados de Valores y de los Servicios de Inversión; CNMV Circular 1/2022 on crypto-asset advertising; AML/CFT under Ley 10/2010 (as amended by Real Decreto-ley 7/2021); and tax obligations under Ley 11/2021 (Modelos 172, 173, 721). Crypto is legal as an investment/payment medium but is not legal tender.

Status by sub-area

• Stablecoins

  In force

  MiCA Titles III (ARTs) and IV (EMTs) have applied in Spain since 30 June 2024. The Banco de España is the competent authority for authorising and supervising issuers, including reserve, redemption-at-par, white-paper, capital and conflict-of-interest requirements; EMTs can be issued only by EU-authorised credit institutions or e-money institutions.

• Exchanges / VASP

  In force

  Crypto-asset exchanges and other CASPs must be authorised by the CNMV under MiCA. The Banco de España's pre-MiCA AML register (Real Decreto-ley 7/2021) is being phased out; firms operating under it must obtain a MiCA licence by 30 June 2026 or cease activity.

• Token Offerings

  In force

  Public offers of crypto-assets other than ARTs/EMTs require a MiCA-compliant white paper notified to the CNMV, with statutory content and liability rules. Tokens that qualify as transferable securities fall outside MiCA and under the Prospectus Regulation and Ley 6/2023 LMVSI, supervised by the CNMV.

• Custody

  In force

  Custody of crypto-assets on behalf of clients is a regulated CASP service under MiCA, supervised by the CNMV. Providers must segregate client assets from their own, maintain a custody policy and register, and are liable for losses of client crypto-assets resulting from incidents within their control.

• DeFi

  Partial

  MiCA Recital 22 expressly excludes 'fully decentralised' services without an identifiable intermediary, so genuinely permissionless DeFi falls outside the MiCA licensing perimeter in Spain. However, front-ends, DAOs or operators with meaningful control can be brought into scope as CASPs, and ESMA/the European Commission are reviewing a dedicated DeFi regime due in 2026.

  Still pending: ESMA/EC dedicated DeFi regime due 2026 to clarify scope of CASPs, front-ends, DAOs beyond MiCA Recital 22 exclusion

• Tax

  In force

  Crypto-assets are taxed under existing Spanish tax law: capital gains on disposals are taxed as savings income under IRPF at 19%–28%; staking, mining and airdrops are generally treated as ordinary income; crypto holdings count for Wealth Tax and the Modelo 720/721 reporting regime. CARF/DAC8 reporting started on 1 January 2026.

How to get a crypto license in Spain

To provide crypto-asset services in Spain you need a MiCA CASP authorisation (Crypto-Asset Service Provider), supervised by the Comisión Nacional del Mercado de Valores (CNMV), under the EU Markets in Crypto-Assets Regulation (MiCA), Title V.

Authority

the Comisión Nacional del Mercado de Valores (CNMV)

License required

a MiCA CASP authorisation (Crypto-Asset Service Provider)

Framework / law

the EU Markets in Crypto-Assets Regulation (MiCA), Title V

Minimum capital

€50,000–€150,000 minimum, by service class (Class 1/2/3)

Timeline

about 40 working days of substantive review; 1–3 months for a well-prepared application

Cost

an application fee of roughly €5,000–€25,000, plus ongoing supervisory fees

Passporting

Yes: a single MiCA CASP licence passports across all 27 EU member states.

Step by step: getting a crypto license in Spain

1. 1

   Incorporate a legal entity with a registered office in the member state, with at least one director resident in the EU.

2. 2

   Build the application file: programme of operations, business plan, governance, AML/CFT, ICT resilience and client-asset segregation.

3. 3

   Submit the application to the national competent authority.

4. 4

   Completeness check: the authority has 25 working days to confirm the file is complete and request anything missing.

5. 5

   Substantive assessment: the authority has 40 working days to grant or refuse the authorisation.

6. 6

   Once authorised, notify the passport to the host member states you intend to serve, then begin operating across the EU.

Key points: crypto & digital assets in Spain

1. 01MiCA fully in force with CNMV as lead supervisor

   Since 30 Dec 2024 MiCA Title II–VI applies to crypto-asset offerings, CASPs and market abuse; the CNMV has formally assumed authorisation and supervision of CASPs (taking over from the Banco de España's prior AML register), and BBVA was among the first Spanish entities to obtain a MiCA licence.

   cnmv.es sede.agenciatributaria.gob.es

2. 02Shortened transition: comply-or-quit by 1 July 2026

   Spain used the MiCA national discretion to shorten the transitional period: incumbents that operated under the Banco de España's Real Decreto-ley 7/2021 register can continue providing services without a MiCA licence only until 30 June 2026; after 1 July 2026 unlicensed activity is prohibited.

   cnmv.es en.cryptonomist.ch

3. 03Stablecoins supervised by the Banco de España

   ARTs and EMTs have been subject to MiCA authorisation since 30 June 2024. In Spain the Banco de España is the competent authority for prudential supervision, reserve, redemption and own-funds requirements of ART/EMT issuers; only credit institutions and authorised EMIs may issue EMTs.

   cnmv.es eba.europa.eu

4. 04Advertising regime under CNMV Circular 1/2022

   Crypto-asset advertising aimed at the Spanish public must be clear, balanced and non-misleading, include prescribed risk warnings, and mass campaigns (>100,000 recipients) or influencer promotions require prior notification to the CNMV under Article 240 bis of Ley 6/2023.

   cnmv.es uria.com

5. 05Tax: capital gains plus Modelo 721 for foreign-held crypto

   Gains from crypto are taxed as savings income under IRPF at progressive rates of 19%–28% (28% above €300,000). Residents must use Modelo 172 (Spanish CASP balances), Modelo 173 (operations) and Modelo 721 (crypto held abroad above €50,000) administered by the Agencia Tributaria.

   sede.agenciatributaria.gob.es vissumlex.com

6. 06DAC8 / CARF tax-reporting in force from 2026

   From 1 January 2026 Spanish-resident CASPs must perform CARF/DAC8 due diligence on users and report transactional data to the Agencia Tributaria, which exchanges it automatically with EU and OECD partners; this layers onto existing Modelo 172/173 obligations.

   cryptopolitan.com sede.agenciatributaria.gob.es

Crypto license in Spain: FAQ

Timeline of decisions

1. 26 Jun 2026Decision
   Spain says ‘no exceptions or extensions’ for Binance, other crypto firms ahead of MiCA deadline

   The Block

2. 26 May 2026Decision
   Spain blocks Polymarket, Kalshi for operating without licenses amid widening global crackdown on prediction markets

   The Block

3. 26 May 2026Decision
   Spain joins growing list of countries shutting out Polymarket and Kalshi

   CoinDesk Policy

4. 4 Jul 2025Decision
   BBVA Launches Retail Crypto Trading and Custody Under MiCA

   BBVA became the first traditional bank in Spain to offer retail customers buy, sell, and custody services for Bitcoin and Ether directly within its mobile banking app, following its CNMV MiCA authorization. This marked the first bank-delivered crypto product under the EU MiCA framework in Spain.

   CoinTelegraph

5. 1 Mar 2025Decision · official
   CNMV Grants BBVA Spain's First MiCA CASP Authorization

   The CNMV approved BBVA as the first entity in Spain to receive full authorization as a Crypto-Asset Service Provider (CASP) under MiCA, covering custody, trading, and investment services. BBVA remained the only institution with a full MiCA license in Spain through mid-2025.

   CNMV

6. 29 Jul 2023Law · official
   Orders HFP/886/2023 & HFP/887/2023: Mandatory Crypto Tax Reporting Forms 721, 172, and 173

   Spain's Ministry of Finance published the ministerial orders creating Form 721 (declaration of crypto held abroad exceeding €50,000, with €5,000-per-item penalty for non-filing), and Forms 172/173 (exchange-level reporting of client balances and operations), implementing the 2021 anti-fraud law's crypto disclosure mandate. First Form 721 filings covered tax year 2023.

   Agencia Tributaria (AEAT)

7. 10 Jan 2022Guidance · official
   CNMV Circular 1/2022: Spain Becomes First EU Country to Regulate Crypto Advertising

   The CNMV published Circular 1/2022 (entering force 17 February 2022) requiring a 10-business-day prior notification to the CNMV before any mass crypto advertising campaign, mandatory risk disclaimers on all ads, and a two-year register of published materials. Influencers paid per acquired client were treated as client-acquisition agents subject to supervisory oversight.

   CNMV

8. 1 Oct 2021Decision · official
   Banco de España Opens VASP Registration Registry

   Six months after Royal Decree-Law 7/2021, the Banco de España stood up its public registry for virtual asset service providers covering fiat-crypto exchange and custodian wallet services. Existing operators had until 29 January 2022 to register; operating without registration was a very serious infringement carrying fines up to €10 million.

   Banco de España

9. 9 Jul 2021Law · official
   Law 11/2021 on Tax Fraud Prevention Introduces Statutory Crypto Disclosure

   Spain enacted Law 11/2021 (Ley de medidas de prevención y lucha contra el fraude fiscal), the first Spanish statute to require taxpayers to disclose virtual currency holdings and operations to the AEAT. The law also mandated crypto exchanges operating in Spain to report customer data, laying the legal basis for the later Modelo 721/172/173 forms.

   BOE (Official State Gazette)

10. 27 Apr 2021Law · official
    Royal Decree-Law 7/2021: VASPs Become AML-Obligated Entities Under Spanish Law

    Spain transposed the EU Fifth Anti-Money Laundering Directive through Royal Decree-Law 7/2021, formally defining 'virtual assets,' classifying crypto-fiat exchange and custodian wallet providers as obliged subjects under Law 10/2010, and requiring them to register with the Banco de España and submit to SEPBLAC supervision, Spain's first substantive crypto regulation.

    BOE (Official State Gazette)

11. 8 Feb 2018Guidance · official
    CNMV and Banco de España Issue Landmark Joint Warning on Crypto and ICOs

    Spain's two principal financial supervisors issued a joint statement warning the public of extreme volatility, complexity, and lack of transparency in crypto assets, and clarified that some crypto-assets could qualify as securities subject to CNMV jurisdiction. This was Spain's first formal regulatory signal that crypto was on the supervisory radar, predating any binding legislation.

    CNMV / Banco de España (via IOSCO)

Sources

1. 1.cnmv.es/portal/mica/regulacion-criptoactivos?lang=en
2. 2.cnmv.es/Portal/legislacion/legislacion/tematico?id=14
3. 3.sede.agenciatributaria.gob.es/Sede/en_gb/normativa-criterios-interpretativos/analisis/2026/abril/29
4. 4.eba.europa.eu/regulation-and-policy/asset-referenced-and-e-money-tokens-mica
5. 5.esma.europa.eu/esmas-activities/digital-finance-and-innovation/markets-crypto-assets
6. 6.uria.com/es/publicaciones/7818-primera-norma-sobre-criptoactivos-en-espana-la-
7. 7.en.cryptonomist.ch/2025/12/17/mica-regulation-spain-transition/
8. 8.cryptopolitan.com/spain-prepares-to-fully-implement-eu-mica/
9. 9.vissumlex.com/en/post/cryptocurrency-declaration-in-spain-2026-modelo-721