RegAlertSpain: crypto & digital assets regulation — 2026-09
RegulatedMICA implementation via CNMV; PSC licensing for crypto-asset services
Frozen snapshot — the guide as it stood at the end of 2026-09. See the live guide for the current state.
Spain has transposed the EU Markets in Crypto-Assets (MICA) Regulation into national law via Law 6/2023, establishing the CNMV as the primary supervisor for Crypto-Asset Service Providers (PSCs). The regulatory framework focuses on licensing, transparency, and investor protection, with recent circulars streamlining reporting and updating advertising rules to align with EU standards. The regime is fully regulated for service providers, while mining and advisory activities fall under specific supervisory scopes.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Exchange / trading platform | LicencePSC (Crypto-Asset Service Provider)[1][2] Requires PSC authorization under MICA/Law 6/2023 | — | — | CNMV |
| Custody of client assets | LicencePSC (Crypto-Asset Service Provider)[1] Custody is a regulated PSC activity under MICA | — | — | CNMV |
| Token issuance / public offering | LicencePSC (Crypto-Asset Service Provider)[1] Issuers and CASPs subject to MICA transparency rules | — | — | CNMV |
| Broker-dealer / OTC desk | LicencePSC (Crypto-Asset Service Provider)[1] OTC trading desks require PSC authorization | — | — | CNMV |
| Stablecoin issuance | LicenceART/AMEP authorization[1] E-money tokens require specific authorization | — | — | CNMV |
| Crypto payments acceptance | LicencePSC (Crypto-Asset Service Provider)[1] Crypto-to-fiat services require PSC license | — | — | CNMV |
| Mining / staking services | Uncertainverify with regulator Mining not explicitly regulated; staking may fall under PSC | — | — | — |
| Advisory / portfolio management | LicencePSC (Crypto-Asset Service Provider)[2] Advisory services explicitly included in CNMV supervisory scope | — | — | CNMV |
New — what changed recently
- 2025-06-22Circular 2/2025 — Extended CNMV supervisory scope to include PSCs and EAFNs, reducing administrative burden.[2]
- 2024-12-27Circular 1/2024 — Repealed Circular 1/2022 to align crypto advertising rules with EU MICA regulations.[3]
- 2023-03-17Law 6/2023 — Transposed EU directives including MICA, establishing the current CNMV supervisory framework.[1]
Market-entry checklist
- 1Apply for PSC AuthorizationSubmit application to CNMV under Law 6/2023 for the specific crypto-asset service activities.
- 2Implement MICA ComplianceEnsure whitepapers and advertising meet EU MICA transparency and content standards.
- 3Register with AML SupervisorRegister with the Banco de España for anti-money laundering supervision as required.
- 4Establish Custody SafeguardsImplement segregated custody solutions for client assets as mandated by MICA.
- 5Update Tax ReportingAlign internal reporting with Law 11/2021 tax fraud prevention and transparency rules.
Sources
- Law 6/2023, of March 17, on Securities Markets and Investment Services · 2024-08-05
- Circular 2/2025 of the National Securities Market Commission amending Circulars 1/2021, 1/2010, and 5/2009 · 2026-06-22
- Circular 1/2024 of the National Securities Market Commission Repealing Circular 1/2022 on Advertising of Cryptoassets Presented as Investment Objects · 2024-12-27