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Spain: crypto & digital assets regulation

Regulated

Spain: MICA implementation via CNMV supervision and Law 6/2023 framework

Lead regulator:
Comision Nacional del Mercado de Valores (CNMV)
Key law:
Law 6/2023 of March 17 on Securities Markets and Investment Services
Last updated:
2026-07-12

Spain regulates crypto-asset service providers primarily through the EU Markets in Crypto-Assets (MICA) Regulation, implemented domestically via Law 6/2023. The CNMV serves as the primary supervisor for Crypto-Asset Service Providers (PSCs), extending its existing supervisory scope to include these entities.

The regulatory framework emphasizes investor protection and market integrity, with the CNMV actively updating reporting requirements and administrative procedures for PSCs. Previous national rules on crypto-asset advertising were repealed to align with the comprehensive EU MICA standards.

Tax compliance and anti-fraud measures remain integral, with specific reporting obligations established under Law 11/2021. The overall direction of travel is towards harmonized EU-wide supervision with enhanced transparency and reduced administrative burdens for compliant providers.

Who regulates

  • Comision Nacional del Mercado de Valores (CNMV)

    Primary supervisor for Crypto-Asset Service Providers (PSCs) and securities markets

    [1][2]

Core laws & rules

  • Law 6/2023 of March 17 on Securities Markets and Investment Services (2023)

    Replaces previous Securities Market Law and transposes EU directives including MiFID II and crypto-asset regulations, establishing the new regulatory framework for the CNMV.

    [2]

  • Markets in Crypto-Assets (MICA) Regulation (2023)

    EU Regulation governing crypto-assets, whose entry into force necessitated the repeal of national advertising circulars and forms the basis for current PSC supervision.

    [3]

  • Law 11/2021 of 9 July (2021)

    Transposes EU Anti-Tax Avoidance Directive and introduces tax transparency rules and reporting obligations for crypto-assets to prevent tax fraud.

Licensing & registration

  • Crypto-Asset Service Provider (PSC)

    Entities providing crypto-asset services are supervised by the CNMV under the MICA framework, with reporting requirements extended via CNMV Circular 2/2025.

    [1]

Restrictions & warnings

  • National regulations on advertising cryptoassets as investment objects (Circular 1/2022) were repealed to align with EU MICA standards.

    [3]

  • Strict tax transparency and anti-fraud reporting obligations apply to crypto-asset transactions under Law 11/2021.

Direction of travel

  • The CNMV is reducing administrative burdens for PSCs while extending supervisory scope, indicating a move towards streamlined but comprehensive EU-aligned oversight.

    [1]

Sources

  1. Circular 2/2025 of the National Securities Market Commission amending Circulars 1/2021, 1/2010, and 5/2009 · 2026-06-22
  2. Law 6/2023, of March 17, on Securities Markets and Investment Services · 2024-08-05
  3. Circular 1/2024 of the National Securities Market Commission Repealing Circular 1/2022 on Advertising of Cryptoassets Presented as Investment Objects · 2024-12-27

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This guide is compiled automatically from 3 primary-source documents published by Spain's regulators, reviewed by RegAlert, and refreshed monthly (last updated 2026-07-12). It is not legal advice — always confirm requirements with the regulator or local counsel before acting.