Obtaining a CASP License in Spain

Implementation of MiCA regulation in Spain

The MICA Regulation establishes a “transition period” of 18 months from December 30, 2024, to July 1, 2026 in EU member states. Any jurisdiction can adopt national standards to fully implement all MICA requirements, reducing the overall period. In October 2023, the Spanish authorities stated that they intended to complete all necessary actions until December 31, 2025. Thus, in Spain within 12 months will have the right to legally operate as operators who received a new CASP license, as well as registered earlier.

On March 17, 2023, Law 6/2023 on securities markets and investment services (LMV), appointed the National Securities Market Commission (CNMV) as the main regulator of the cryptocurrency market. The main focus of the CNMV is to ensure that participants comply with all legal regulations, create a safe and transparent environment, and protect the interests of clients.

However, the powers of the Bank of Spain remain oversight of the activities of issuers of tokens, including stablecoins.

CNMV on July 23, 2024, published step-by-step instructions for crypto market operators who intend to obtain CASP. The application form is quite extensive, applicants will detail their activities in over 100 pages.

The CNMV has been accepting CASP applications since September 2024, and MiCA has applied to crypto-asset service providers since 30 December 2024.

Transitional measures for previously registered CASPs in Spain

According to Article 60 of the MICA, business entities such as credit institutions, central securities depositories, investment companies, electronic money institutions, and other entities that are already licensed to operate in the EU are subject to a simplified CASP procedure if they decide to provide crypto services. The Regulation stipulates that such organizations must only give 40 days' notice to the competent authority of the jurisdiction where they intend to start operations.

All other organizations that are not included in the list of Article 60, who decided to obtain CASP in Spain, go through a full-fledged registration procedure with an application to the CNMV.

What about cryptocurrency companies that were previously registered with the Bank of Spain? At this stage, the CNMV has not approved any simplified licensing option, so they will most likely also need to fill out a 100-page application form and submit it to the regulator. Spain applied the full 18-month MiCA transitional period, which ended on 1 July 2026. Providers previously registered with the Bank of Spain may no longer operate without MiCA authorisation from the CNMV or another EU competent authority. However, to fully operate in other EU countries, a new CASP is needed that all jurisdictions will recognize.

Liability for CASPs in Spain that continue to operate without meeting the new requirements

It is within the competence of the Central Bank of Spain to impose sanctions on CASP license operators in Spain when violations of the new MICA financial regulations and local legislation are detected:

• For individuals a penalty of €700k;
• For legal entities, the penalty varies: €5 million; 3% of the previous year's turnover (if the violation falls under “point a” of Art. 307.1 of the LMV Law); 12.5% of the previous year's financial turnover (if the violation falls under “point b” of Art. 307.1 of the LMV Law); 5% of the company's turnover (if the violation falls under “point d” of Art. 307.1 of the LMV Law).

Spanish law does not classify one-off or one-time services as a serious infringement.

Conclusion

In Spain, the number of crypto users is growing and is expected to reach 14.9 million users by 2025. In large tourist areas, it is possible to pay for goods or services directly in the store. Spain is also the leader in the number of installed cryptocurrency ATMs in the EU zone. The adoption of unified MICA norms for crypto operators will only stimulate the inflow of new market participants. Huge prospects for development, a friendly environment, interest of the population in crypto-investments will be a plus for any digital business in this jurisdiction.