Fintech & payments regulation in Spain (2026)
Fintech and digital payments in Spain: licensing regime.
Spain operates a mature, EU-aligned licensing regime for digital payments and fintech. Banco de España authorizes and supervises payment institutions and electronic money institutions under PSD2 (transposed by Royal Decree-Law 19/2018 and RD 736/2019) and EMD2 (Law 21/2011), while the CNMV licenses crypto-asset service providers under MiCA. Open banking, strong customer authentication, a statutory regulatory sandbox (Law 7/2020) and the directly-applicable EU Instant Payments Regulation are all in force; BNPL becomes formally regulated as the CCD2 national transposition takes effect (by 20 November 2026).
Legal framework
Royal Decree-Law 19/2018 (PSD2 transposition) and Royal Decree 736/2019 for payment institutions; Law 21/2011 + RD 778/2012 for electronic money institutions; supervised by Banco de España. EU MiCA (Reg. 2023/1114) for crypto-assets, with CNMV as lead competent authority and Banco de España for EMT/ART issuers.
How to get an EMI license in Spain
To provide electronic-money or payment services in Spain you need authorisation as an Electronic Money Institution (EMI), supervised by the Banco de España, under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).
- Authority
- the Banco de España
- License required
- authorisation as an Electronic Money Institution (EMI)
- Framework / law
- the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2)
- Minimum capital
- €350,000 initial capital for a full (Authorised) EMI; a lighter Small EMI regime exists below an average €5m of outstanding e-money
- Timeline
- roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete
- Cost
- application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs
- Passporting
- Yes: an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).
What an EMI license in Spain covers
- Issuing electronic money and maintaining payment accounts
- Executing payment transactions: credit transfers, direct debits and card payments
- Issuing and/or acquiring payment instruments
- Money remittance
- Payment initiation services (PIS)
- Account information services (AIS)
Step by step: getting an EMI license in Spain
Incorporate in the member state and establish real local substance (registered office and part of the business conducted there).
Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies.
Deposit and evidence the €350,000 initial capital.
Submit the application to the national competent authority.
The authority has three months from a complete application to grant or refuse.
On authorisation you are entered in the national and EBA registers, then passport into other EEA states before serving them.
Documents required in Spain
- Programme of operations listing each payment service you will provide
- Business plan with a three-year budget forecast
- Evidence of the €350,000 initial capital
- Governance arrangements and internal-control mechanisms
- AML/CFT policy and appointment of a compliance officer
- Safeguarding arrangements for client funds (segregated account or insurance)
- Security policy, incident management and ICT resilience procedures
- Fit-and-proper documentation for directors and qualifying shareholders
- Description of any outsourcing, agents or distributors
- Professional indemnity insurance where you provide PIS or AIS
Ongoing obligations in Spain
- Maintain own funds under the applicable calculation method (A, B or C)
- Safeguard client funds at all times, segregated or insured
- Apply strong customer authentication (SCA) under PSD2
- Run continuous AML/CFT monitoring and reporting
- Report major operational and security incidents to the regulator
- Submit annual audited accounts and periodic regulatory reporting
Key points: digital payments & fintech in Spain
Payment institution licensing
Payment institutions are authorized and supervised by Banco de España under Royal Decree-Law 19/2018 (PSD2 transposition) and its implementing Royal Decree 736/2019, with EU passporting rights. A dedicated authorization and registration process applies.
E-money institutions (EMIs)
Electronic money institutions are licensed by Banco de España under Law 21/2011 on e-money and RD 778/2012, as amended by RDL 19/2018; a full EMI license requires EUR 350,000 initial capital, with a 'small EMI' regime subject to volume limits.
Open banking & SCA (PSD2)
PSD2 access-to-account (AISP/PISP) and strong customer authentication obligations apply in Spain via RDL 19/2018 and RD 736/2019, in line with the EBA RTS in force since 14 September 2019.
Crypto-assets under MiCA
MiCA (Regulation (EU) 2023/1114) applies; the CNMV is the lead authority licensing crypto-asset service providers (CASPs) and supervising compliance, while Banco de España oversees EMT/ART issuers. CNMV began accepting CASP applications in September 2024 and granted BBVA the first Spanish CASP licence on 5 March 2025; Spain set an accelerated full-application date.
Regulatory sandbox (Law 7/2020)
Law 7/2020 on the digital transformation of the financial system established Spain's statutory fintech sandbox, jointly operated by Banco de España, CNMV and the Directorate-General for Insurance and Pension Funds (DGSFP).
BNPL / consumer credit (CCD2)
BNPL currently sits largely outside Spain's consumer-credit perimeter, but the Consumer Credit Directive II (EU) 2023/2225 brings BNPL in scope; Spain's transposition (a draft bill introducing APR caps and Banco de España supervision of lenders) must apply from 20 November 2026.
EMI license in Spain: FAQ
Do you need a license to run an e-money business in Spain?
Yes. To provide electronic-money or payment services in Spain you need authorisation as an Electronic Money Institution (EMI), supervised by the Banco de España, under the EU E-Money Directive (2009/110/EC) and the Second Payment Services Directive (PSD2).
Which authority issues EMI licenses in Spain?
The Banco de España.
How much does an EMI license cost in Spain?
Application and supervisory fees that vary by country (often €5,000–€25,000), plus safeguarding and audit costs.
How long does it take to get an EMI license in Spain?
Typically roughly 3–12 months; the regulator has up to 3 months to decide once the application is complete.
What documents do you need for an EMI license in Spain?
The application file centres on programme of operations listing each payment service you will provide; business plan with a three-year budget forecast; evidence of the €350,000 initial capital; governance arrangements and internal-control mechanisms; plus fit-and-proper evidence for directors and qualifying shareholders.
What is the application process for an EMI license in Spain?
Incorporate in the member state and establish real local substance (registered office and part of the business conducted there). Build the application file: programme of operations, three-year business plan, governance, AML/CFT, safeguarding and security policies. The authority then assesses the file and, once authorised, you can begin operating.
Does an Spain EMI license work in other EU/EEA countries?
Yes: an EMI authorisation passports across the whole EEA (all 27 EU states plus Norway, Iceland and Liechtenstein).
Timeline of decisions
- Law · officialSpain approves Draft Law on Digitalisation and Modernisation of the Financial Sector
The Council of Ministers approved an Anteproyecto accompanied by two Royal Decree drafts that transpose DORA sanctions, allow payment institutions to participate directly in payment systems (ending reliance on bank intermediaries), and extend the Ley 7/2020 sandbox, the most comprehensive update to Spain's fintech framework in four years.
Spanish Government / PAe
- Decision · officialSpain accelerates MiCA transition, hard deadline set at 31 December 2025
The Spanish government announced it would close the MiCA transitional window six months ahead of the EU-wide July 2026 deadline, requiring all crypto-asset service providers operating in Spain to obtain full MiCA authorization or exit the market by 31 December 2025.
La Moncloa / Spanish Government
- Decision · officialBanco de España opens mandatory VASP register
Following RDL 7/2021, Banco de España activated the formal registration procedure for virtual-currency exchange and custodian wallet providers; existing operators had until 29 January 2022 to enroll, submitting an AML programme, risk assessment, and criminal records, Spain's first operational licensing gateway for the crypto sector.
Banco de España
- Law · officialLey 7/2020 establishes Spain's fintech regulatory sandbox
Law 7/2020 on the Digital Transformation of the Financial System created a controlled testing environment co-supervised by Banco de España, CNMV, and the Directorate-General for Insurance, attracting 67 projects in its inaugural 2021 cohort and setting the institutional template for Spain's innovation-friendly fintech policy.
BOE / Official State Gazette
- Law · officialRoyal Decree 736/2019 completes PSD2 prudential framework
RD 736/2019 transferred authorization power over payment institutions from the Ministry of Economy to Banco de España, prescribed three own-funds calculation methods, and codified detailed risk-control and client-protection requirements, closing the PSD2 transposition loop opened by RDL 19/2018.
BOE / Official State Gazette
- Law · officialRoyal Decree-Law 19/2018 transposes PSD2, Spain's core payments statute
RDL 19/2018 replaced Ley 16/2009 as Spain's primary payment-services law, introducing open-banking access rights for account information and payment initiation services, strong customer authentication, and a comprehensive ban on payment surcharges; enacted 11 months past the EU deadline, it remains the cornerstone of Spain's retail payments regulation.
BOE / Official State Gazette
- Law · officialLey 21/2011 creates Spain's electronic money institution licence
Law 21/2011 transposed EU Directive 2009/110/EC (EMD2), establishing a dedicated electronic money institution (entidad de dinero electrónico) licence supervised by Banco de España, prohibiting deposit-taking, and allowing EMIs to provide payment services, opening the door for the first wave of non-bank digital payment operators in Spain.
BOE / Official State Gazette
- Law · officialLey 16/2009 transposes PSD1, Spain's first payment institutions regime
Law 16/2009 on Payment Services transposed EU Directive 2007/64/EC, introducing the payment institution as a new Banco de España-regulated entity class and establishing transparency and execution-time rules for payment transactions, the foundational pillar on which all subsequent Spanish digital payments law was built.
BOE / Official State Gazette
Sources
- bde.es/wbe/en/punto-informacion/contenidos/autorizaciones-acreditaciones/aut
- bde.es/wbe/en/entidades-profesionales/operativa-gestiones/autorizaciones-acr
- cnmv.es/portal/mica/regulacion-criptoactivos?lang=en
- bde.es/wbe/en/entidades-profesionales/operativa-gestiones/facilitadores-inno
- eur-lex.europa.eu/eli/dir/2023/2225/oj
- bakermckenzie.com/en/insight/publications/2026/03/spain-government-proposes-to-tighten-
- bde.es/wbe/en/entidades-profesionales/operativa-gestiones/autorizaciones-acr
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Next topicOrientation, not legal advice: verify against the primary sources linked above. Last verified 25 May 2026. Methodology & how to cite · State of Technology Regulation 2026