Obtaining crypto licenses, white label consulting,
ICO/STO, supporting NFT marketplaces, drafting policies
for crypto projects, DAOs, and gamify projects
Recently, the SBSB team of fintech lawyers has been providing consultancy services for obtaining crypto licenses in Spain and other countries, such as Germany and the Netherlands. For crypto businesses targeting the European market, Spain offers several distinct strategic advantages, including flexible operational requirements and solid ground for digital asset banking and merchant adoption.
What Is a CASP License in Spain?
A crypto-asset service provider (CASP) is a legal person that provides crypto-asset services according to the Markets in Crypto-Assets Regulation (MiCA).
MiCA is the official short name for the Regulation (EU) 2023/1114, established by the European Union. It is a binding law that sets the legal and regulatory baseline for the crypto-asset market. MiCA applies across all EU member states. The document was adopted and officially entered into force in 2023, taking effect in stages. That is why it finally became applicable in Spain in 2026 and requires crypto entities to be officially licensed as Crypto-Asset Service Providers (CASPs).
According to Article 3, paragraph 1 of MiCA, crypto-asset services involve providing the following:
- providing custody and administration of crypto-assets on behalf of clients;
- operation of a trading platform for crypto-assets;
- exchange of crypto-assets for funds;
- exchange of crypto-assets for other crypto-assets;
- execution of orders for crypto-assets on behalf of clients;
- placing of crypto-assets;
- reception and transmission of orders for crypto-assets on behalf of clients;
- providing advice on crypto-assets;
- providing portfolio management on crypto-assets;
- providing transfer services for crypto-assets on behalf of clients.
is important to note that, depending on the scope and complexity of the services a crypto company plans to provide, different requirements apply to its authorized capital (50, 125, and 150 thousand euros, depending on the type of services).
If the authorisation is granted in Spain, a company can legally provide the above services covered by the license across all 27 EU member states.
How Is Cryptocurrency Regulated in Spain?
In Spain, mining, trading, and paying with cryptocurrencies are legal but strictly regulated. The National Securities Market Commission (CNMV) is responsible for market supervision and licensing. In addition, the company must register with the Bank of Spain if it plans to issue ART and EMT (since they are considered electronic money).
Even if providers acted under a license granted by the Bank of Spain before recent changes, by 2026, all CASPs must hold a MiCA-compliant CASP license. Income generated from crypto holdings or crypto activities, and all gains from deals and services based on cryptocurrencies and other crypto assets, are taxable.
What Are the Benefits of Getting a Crypto License in Spain?
In Spain, a CASP license is issued remotely through a comprehensive licensing process and ensures full compliance with MiCA. With a crypto license obtained in Spain, you do not need to apply for local licenses to operate legally across all EU member states. The country provides advantages for business scalability compared with Malta, for instance, as it boasts a larger market and ecosystem.
What Are the Advantages of a CASP License in Spain?
To obtain a CASP license, Spain offers moderate operational, legal, and licensing maintenance costs. You nee to arrange and maintain a physical office in Spain to operate in the EU crypto market
What Are the Requirements for Obtaining a CASP License in Spain?
Legal and operational requirements for a CASP are standardised across EU member states under MiCA. To apply, an entity should meet a set of requirements that includes the following:
- registering a local entity with the legal address and physical office in Spain;
- appointing a resident of the EU or a Spanish national as a director of the company (or at least one board member must meet these requirements);
- hiring an AML officer who has a Spanish diploma or proven experience in Spain;
- ensuring that all directors, executives, and shareholders have relevant business competencies and unblemished reputations;
- paying the required share capital, depending on the type of services provided.
After the required capital is paid, an applicant should prepare and submit a set of documents to the Bank of Spain. The list includes the following:
- an application according to the fixed form;
- legal papers proving the establishment of the company under EU law and an EU-registered office;
- personal documents for the company executives proving the identification and professional skills;
- сapital deposit proof, audited financial statements, cost analysis, price structure, and financial forecasts;
- business plan with description of activities and calculations;
- a document describing an AML policy, risk management framework, etc., to meet MiCA rules.
The requirements for obtaining a CASP license in Spain can vary depending on the type of the provider’s activity. We invite you to discuss the details with our lawyers on a case-by-case basis.
What Are the Capital and AML/KYC Requirements for CASPs in Spain?
In accordance with MiСA regulations, the same authorized capital requirements apply to all companies, which are directly correlated with the services they will provide:
| Crypto-asset service providers | Type of crypto-asset services | Minimum capital requirements (under Article 67(1), point (a) of MiCA) |
|---|---|---|
| Class 1 | Crypto-asset service provider authorised for the following crypto-asset services:
- execution of orders on behalf of clients; - placing of crypto-assets; - providing transfer services for crypto-assets on behalf of clients; - reception and transmission of orders for crypto-assets on behalf of clients; - providing advice on crypto-assets; and/or - providing portfolio management on crypto-assets. | EUR 50 000 |
| Class 2 | Crypto-asset service provider authorised for any crypto-asset services under class 1 and:
- providing custody and administration of crypto-assets on behalf of clients; - exchange of crypto-assets for funds; and/or - exchange of crypto-assets for other crypto-assets. | EUR 125 000 |
| Class 3 | Crypto-asset service provider authorised for any crypto-asset services under class 2 and:
- operation of a trading platform for crypto-assets. | EUR 150 000 |
Implementing AML/KYC/CFT procedures is mandatory for CASPs to ensure financial transparency due to client verification, protect consumers by reporting suspicious activities, and reduce any related risks through their evaluation. Applicants must submit internal AML/KYC policies, including procedures for Anti-Money Laundering, Know Your Customer, and Countering the Financing of Terrorism.
How Does the CASP Licensing Process Work in Spain?
The licensing process usually takes from six m, which depends on a range of factors. In Spain, the process is comprehensive and efficient.
What Are the Steps to Apply for a CASP License in Spain?
After preparation, obtaining a CASP license includes the following major stages:
- An applicant files his prepared documentation with the CNMV.
- The CNMV reviews the documents to ensure MiCA compliance and provides recommendations.
- An applicant implements improvements and submits the application in the standardised form.
- The CNMV thoroughly reviews the authorization package for 3–6 months or longer and finally approves it in case of full MiCA compliance.
- An applicant receives an effective MiCA license.
Throughout the timeline, the CNMV may request further details and clarifications.
How Is a CASP Company Incorporated in Spain?
Incorporating a CASP in Spain requires registering a Spanish corporate entity (such as an S.L.) at the Spanish Mercantile Registry. This requires a minimum share capital of €3,000, which must be increased to meet the MiCA thresholds. An applicant must have a tax identification number (NIF), prepare the Articles of Association, appoint a director, develop internal policies, and obtain a CASP license.
How Does the Application Submission to CNMV Work?
In Spain, submitting to the CNMV is remote. Applicants use the electronic office Sede electrónica de la CNMV. To access the e-office, it is required to have a digital certificate, such as an FNMT or an electronic DNI. An applicant enters the system, picks the appropriate procedure, fills out the notification form, uploads the documents, and submits. The CNMV responds via email, providing a unique reference number to track the file’s status in the system.
How Does the CNMV Review Process Work?
The CNMV reviews CASP applications under MiCAR within 25 working days to check the completeness of the document set. Then, it assesses the legal compliance of the files within 40 working days. Finally, a thorough review lasts for 3–6 months or longer. Applicants may also a meeting with the CNMV via email to discuss the issue before formal submission.
What Happens After CASP License Approval in Spain?
If approved, an applicant obtains a CASP license and is entered in the CNMV’s CASP operator register and in the European Securities and Markets Authority register. From this moment, the service provider has EU-wide passporting rights to provide regulated services across EU member states.
What Is the Tax Regime for Crypto Businesses in Spain?
The standard Corporate income tax (CIT) rate is 25% and applies to crypto companies without exception. Capital gains tax (CGT) applies to capital gains and losses generated from cryptocurrencies, which are profits from selling, trading, or otherwise disposing of an asset for fiat currency. It is paid according to a progressive tax system, depending on the amount of taxable income:
- 19% for the first 6,000€;
- 21% for the following 6.001€ to 50,000€;
- 23% for the following 50.001€ to 200,000€;
- 27% for the following 200.001€ to 300,000€;
- 28% for over 300,000€.
Any change in net wealth is supposed to be a capital gain, whether from crypto-to-crypto or crypto-to-fiat transactions. While transactions related to buying, holding within the wealth tax threshold, or transferring crypto between the owner’s wallets in Spain are tax-free.
What Should You Know Before Applying for a CASP License in Spain?
When obtaining a CASP license in Spain, you should know exactly your scope of activities and be ready for thorough preparation and detailed review. The process is much more complicated than a simple submission of an application. You should demonstrate your professional experience and legal compliance to be authorised. We are ready to help you prepare extensive documentation and build a strong compliance framework.
FAQ About CASP License in Spain
Who regulates CASP licenses in Spain?
The main regulator for CASP licenses in Spain is the National Securities Market Commission (CNMV). Depending on the business model, the Bank of Spain may also be involved in services overlapping with traditional payment or e‑money activities.
How long does it take to obtain a CASP license in Spain?
For a well‑prepared application, the standard review period is usually around six months, although the exact timeline can vary depending on the complexity of the business and the quality of the documentation submitted to CNMV.
Which crypto services require a CASP license in Spain?
Under MiCA, services such as operating a crypto‑asset trading platform, exchanging crypto‑assets for funds or other crypto‑assets, providing custody and administration of crypto‑assets, and executing orders on behalf of clients typically require CASP authorisation.
Can an existing VASP registration be converted into a CASP license?
Companies that are already registered as VASPs must suspend their operations until they are fully compliant with the new requirements and have obtained a CASP license in accordance with MiCA. Since the transition period has ended, it is no longer permitted to operate without a valid license.
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