Crypto licence in SpainOverview
Before MiCA, Spanish crypto businesses only needed to register with the Banco de España under the anti-money laundering framework of Law 10/2010. That register, created in 2021 for virtual-currency exchange and custodial wallet providers, stopped accepting new entries on 30 December 2024. From that date the CNMV became the single competent authority for authorising and supervising crypto-asset service providers (CASPs), as well as for receiving crypto-asset white paper notifications under Title II of MiCA.
Spain initially announced a 12-month grandfathering period for firms on the Banco de España register, later extended to the maximum 18 months permitted by MiCA. That period ended on 30 June 2026. The CNMV stated publicly that there would be no exceptions or extensions, and unauthorised firms were expected to stop onboarding clients and wind down in an orderly way. Spanish banks have also entered the market through the simplified notification route available to credit institutions under Article 60 of MiCA.
A CNMV authorisation is granted under the directly applicable MiCA rulebook, so the substantive requirements – governance, prudential safeguards, client-asset protection, conflicts of interest, complaints handling and wind-down planning – are harmonised across the EU. What is specifically Spanish is the supervisory approach: applications, policies and correspondence are handled in Spanish, and the CNMV expects a genuine operating presence in Spain with management that can demonstrate real control over the business.
Once authorised, a Spanish CASP may passport its services to every other EU and EEA state through the CNMV, making Spain a credible hub for groups whose client base or banking relationships are already Spanish-speaking or Latin American-facing.
Key benefits
- Single authorisation passportable across the EU and EEA
- Supervision by a well-established securities regulator, valued by banks and institutional counterparties
- Access to one of the largest retail markets in the eurozone
- Natural bridge to Spanish-speaking markets in Latin America
- Clear post-transition landscape: unlicensed competitors have had to exit
- Harmonised MiCA rulebook, reducing regulatory divergence when expanding
Requirements
- Legal person with registered office in Spain and place of effective management in the EU
- At least one director resident in the EU; management body of sufficiently good repute with appropriate knowledge and experience
- Minimum capital or prudential safeguards per MiCA Article 67 (from EUR 50,000 to EUR 150,000, or one quarter of fixed overheads if higher)
- Fit-and-proper assessment of shareholders with qualifying holdings and transparent source of funds
- Programme of operations covering services, target markets and marketing
- Governance arrangements, internal control, risk management and business continuity plans
- Client-asset segregation and a custody policy where custody is offered
- AML/CFT framework under Law 10/2010, including Travel Rule compliance under Regulation (EU) 2023/1113
- ICT security and operational resilience arrangements aligned with DORA
- Credible wind-down plan and complaints-handling procedure
Licence options & capital
Class 1 CASP
EUR 50,000 minimum capital
Reception and transmission of orders, execution of orders on behalf of clients, placing of crypto-assets, transfer services, advice and portfolio management. Suitable for brokers, OTC desks without custody and advisory models.
Class 2 CASP
EUR 125,000 minimum capital
Any Class 1 service plus custody and administration of crypto-assets for clients and exchange of crypto-assets for funds or for other crypto-assets.
Class 3 CASP
EUR 150,000 minimum capital
Any Class 2 service plus operation of a trading platform for crypto-assets. In every class, prudential safeguards must equal the higher of the fixed amount or one quarter of the previous year's fixed overheads.
Step-by-step process
- 1
Scoping and gap analysis
We map the intended services to MiCA classes, assess the shareholder structure and identify what must be built locally in Spain.
- 2
Entity and substance
Incorporate or adapt a Spanish company (typically an S.L. or S.A.), appoint directors and key function holders, and secure premises and banking.
- 3
Application file
Prepare the programme of operations, policies, business plan and fit-and-proper documentation in Spanish, aligned with MiCA's technical standards.
- 4
Submission to the CNMV
File the application; the CNMV checks completeness within 25 working days and may request missing information.
- 5
Assessment and dialogue
The CNMV assesses the complete file within 40 working days, with one possible suspension of up to 20 working days for further questions.
- 6
Authorisation and launch
Following authorisation the firm appears on the ESMA register and may notify passporting to other Member States.
Typical documents
- Articles of association and commercial registry extract
- Programme of operations and three-year business plan with financial projections
- Evidence of capital or prudential safeguards
- CVs, criminal record certificates and fit-and-proper questionnaires for directors
- Qualifying shareholder information, group chart and source-of-funds evidence
- AML/CFT manual, risk assessment and Travel Rule procedures
- ICT security, business continuity and outsourcing policies
- Custody and client-asset segregation policy (Class 2 and 3)
- Complaints-handling, conflicts-of-interest and wind-down procedures
How Legal Wealth helps
Legal Wealth coordinates the full CNMV authorisation project with discretion: structuring the shareholding with your long-term wealth and succession plans in mind, preparing a Spanish-language application file built around MiCA's technical standards, and assembling the local governance and compliance team the CNMV expects. Where you already operate elsewhere, we assess whether Spain or another Member State is the better home for your EU licence before any filing is made.
Enquire with Legal WealthFrequently asked questions
Can I still operate in Spain on a Banco de España registration?
No. The Banco de España register closed to new entries on 30 December 2024 and the transitional period for registered firms ended on 30 June 2026. Since then only MiCA-authorised CASPs may provide crypto-asset services to Spanish clients.
Who supervises crypto firms in Spain now?
The CNMV authorises and supervises CASPs and receives white paper notifications. The Banco de España remains relevant for banks and payment-related activity, and AML obligations continue under Law 10/2010.
How long does the CNMV process take?
MiCA sets 25 working days for the completeness check and 40 working days for assessment, but preparation and Q&A rounds mean that well-prepared projects should plan for several months overall.
Do I need staff in Spain?
Yes. The CNMV expects real management and control in Spain, with qualified key function holders able to run compliance, risk and AML. A letterbox structure would not be authorised.
Can a Spanish CASP serve clients in other EU countries?
Yes. After authorisation, the firm notifies the CNMV of the Member States it intends to serve and may begin cross-border services once the notification has been transmitted, no later than 15 calendar days after submission.
Last reviewed: 2026-10. Requirements, fees and timelines change. Information is general, reviewed on the date shown, and is not legal or tax advice.