Regulatory AlertsSpain: fintech & payments regulation
RegulatedBank of Spain authorizes payment institutions and e-money institutions under PSD2 and EMD2
- Lead regulator
- Bank of Spain
- Also involved
- CNMV (securities/investment services) · AEPD (data protection)
- Core law
- Royal Decree 736/2019 (PSD2) and Law 21/2011 (EMD2)
- Entry capital
- EUR 20,000 (Payment Institution)
- Approval timeline
- 3-6 months
- Customer assets
- Segregated in dedicated accounts at credit institutions
- Data protection
- GDPR and LOPDGDD 2018 · AEPD
- Sandbox
- No
Spain strictly regulates fintech and payments under the Bank of Spain. Payment services are authorized under Royal Decree 736/2019 (transposing PSD2), while electronic money issuance is governed by Law 21/2011 (transposing EMD2). The regime is mature, harmonized with EU directives, and requires full authorization for core activities.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Payment processing / gateway | LicencePayment Institution[1] Requires authorization under Royal Decree 736/2019 | EUR 20,000 | 3-6 months | Bank of Spain |
| E-money & wallet issuance | LicenceElectronic Money Institution[2][3] Requires authorization under Law 21/2011 and Royal Decree 778/2012 | EUR 350,000 | 3-6 months | Bank of Spain |
| Domestic money transfer | LicencePayment Institution[1] Domestic transfers are a core payment service requiring authorization | EUR 20,000 | 3-6 months | Bank of Spain |
| Cross-border remittance | LicencePayment Institution[1] Cross-border remittances are covered under the Payment Institution license | EUR 20,000 | 3-6 months | Bank of Spain |
| Agent network | Registration[1] Agents must be registered with the Bank of Spain | — | — | Bank of Spain |
| Open banking / account information | LicencePayment Institution[4] Account Information Services require authorization under PSD2 | EUR 20,000 | 3-6 months | Bank of Spain |
| Foreign-exchange services | LicencePayment Institution[1] Currency exchange is a payment service requiring authorization | EUR 20,000 | 3-6 months | Bank of Spain |
New — what changed recently
- 2026-06-08Resolution amending TARGET-Banco de España conditions — Aligns participation conditions with ECB Guideline (EU) 2026/11, introducing automated liquidity transfer orders.[5]
- 2025-10-02Resolution modifying TARGET-Banco de España conditions — Establishes access conditions for non-bank payment service providers and specific onboarding procedures.[6]
- 2023-11-09Royal Decree 813/2023 — Transposes Directive 2019/2034/EU, establishing a new prudential supervision regime for investment service firms.[7]
Market-entry checklist
- 1Incorporate Spanish entityEstablish a Spanish company with a minimum capital of EUR 20,000 for payment institutions.
- 2Submit authorization applicationApply to the Bank of Spain with a business plan, governance structure, and AML policies.
- 3Secure adequate capitalMaintain initial capital of EUR 20,000 (PI) or EUR 350,000 (EMI) and safeguard customer funds.
- 4Register agentsIf using agents, register them with the Bank of Spain before commencing operations.
- 5Implement AML complianceEstablish robust anti-money laundering procedures compliant with Law 10/2014 and EU directives.
Sources
- Royal Decree 736/2019 on the legal regime of payment services and payment institutions · 2026-03-12
- Electronic Money Law 21/2011 of 26 July (Modified by Law 10/2014) · 2025-02-12
- Royal Decree 778/2012 of 4 May on the legal regime of electronic money institutions (Modified by Royal Decree 256/2013) · 2020-02-24
- Royal Decree-Law 19/2018 of 23 November on Payment Services and Other Urgent Financial Measures · 2018-11-24
- Resolution of 28 May 2026 by the Executive Committee of the Bank of Spain amending the Resolution of 4 July 2022 approving uniform participation conditions for TARGET-Banco de España · 2026-06-08
- Resolution of 23 September 2025 by the Executive Committee of the Bank of Spain modifying the Resolution of 4 July 2022 approving the uniform conditions for participation in TARGET-Banco de España · 2025-10-02
- Royal Decree 813/2023 on the Legal Regime of Investment Service Companies and Other Entities Providing Investment Services · 2023-11-09
This guide is compiled automatically from 7 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.