Spain is among the key players in the world of crypto assets and the actively developing digital technology sphere. As of 2020, 88 crypto startups were already operating there. Spain ranks 4th in the EU in terms of the number of crypto asset owners. Our team will provide you with full support and accompaniment in opening a crypto license in Spain with guaranteed results
To legally operate a cryptocurrency business, register with the Bank of Spain as a VASP and apply for a cryptocurrency exchange license.
To get a positive response from the regulator, you need to fulfill several rules, formalize as a legal entity, have a physical office, develop a business plan, and so on. It is also necessary to comply with AML regulations, as the Spanish government is concerned about the risks of misuse of crypto assets and takes compliance with these regulations seriously.
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Businesses holding crypto licenses in Spain can provide services for operations with crypto assets and their storage. At the same time, their activities do not belong to that characteristic of the banking sector, electronic money creators, or investment funds.
Virtual currency exchange:
Registered VASPs can exchange various types of crypto assets for fiat currency and vice versa, as well as exchange one type of cryptocurrency for another.
Providing storage services:
Companies with a Spain Crypto License can provide storage services for virtual assets for their clients, ensuring safe and secure storage of digital assets.
Participation in investment projects:
Registered VASPs can provide access to investment projects and funds related to crypto assets.
Integration with technology platforms:
Registered VASPs can develop and integrate their technology solutions to ensure secure and efficient transactions.
To open a crypto license in Spain, the following requirements must be met:
For entrepreneurs wishing to register their cryptocurrency business in Spain, there are several important steps:
List of documents:
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At the moment there is no specific Crypto Regulation in Spain. It is important to note that cryptocurrencies are not recognized as legal tender and this status only applies to the euro as national currency under Law 46/1998 of December 17.
On February 8, 2018, the Spanish stock market regulator (CNMV) introduced a fundamental communiqué aimed at controlling the intense cryptocurrency advertising, and the regulation in this area has become clearer. The proposal defines the status of cryptoassets as "a digital representation of assets or rights that are transferred or stored electronically using decentralized registry technologies or similar approaches" The bill is expected to come into force 3 months after its publication in the Spanish National Gazette (B.O.E.).
In addition, it is worth noting that blockchain technology, which enables the distribution of digital information without the possibility of copying, will be able to find mass application in the Spanish legal sphere. Until recently, only notaries were authorized to validate legal documents, but blockchain platforms will be able to provide an alternative mechanism for identifying legal assets. A recent example is BBVA, a large bank based on a blockchain platform with the possibility of syndicated financing.
On February 17, 2022, the Circular containing rules governing cryptocurrency advertising came into effect. According to the new rules, the regulation of cryptoasset advertising in Spain is subject to certain standards and requirements. It should be clarified that for large-scale advertising projects, the CNMV requires 10 working days' notice. This advance notice must include all the details of the campaign, including dates, territory, and description. If this condition is not met, the CNMV may impose sanctions as stipulated by law. Violations of cryptoasset advertising regulations may result in fines, which depend on various factors such as advertising revenue and the scope of the violation.
On April 27, 2021, Royal Decree 7/2021 came into force, which confirmed the amendment of national laws relating to anti-money laundering and countering the sponsorship of terrorism, by the EU directive aimed at combating money laundering. These changes are aimed at the mandatory registration of cryptocurrency providers with the Bank of Spain. Following the decree, Spain began to follow the EU's Anti-Money Laundering Directive 5 (AMLD5). These proposed amendments also strengthened Spain's proactive measures in the fight against financial crime. These changes were made to national legislation following warning messages from the EU to amend its anti-money laundering measures.
In Spain, the use of digital assets is accompanied by the need to pay taxes on the profits made:
Income from dividends and other types of participation in corporate property for non-residents is taxed at a flat tax rate of 19%.
In addition to purchase and sale transactions and dividends, cryptocurrency mining in Spain is also subject to taxation. Individuals or legal entities engaged in mining are required to register with the Spanish tax authorities.
In October 2019, the Law on Measures to Prevent Tax Fraud was passed. According to the law, it is necessary to notify the tax administration of their bitcoin, altcoin balances, and cryptocurrency transactions. In case of non-compliance with these requirements, a fine of 10,000 EUR is stipulated.