Crypto License in Spain

Yes. Spain is among the top European destinations for cryptocurrency companies, thanks to its clear regulatory framework, strong fintech ecosystem, and access to the European Union market. Additionally, Spain’s government actively supports blockchain technology and DeFi (decentralized finance) innovations.

The process generally takes 5 to 6 months, depending on the completeness of your application and any additional clarifications required by the Bank of Spain. AML (Anti-Money Laundering) and KYC (Know Your Customer) compliance checks can extend the process, so having a well-prepared application is essential.

To legally operate a cryptocurrency business in Spain, you must:

• Register as a legal entity (Sociedad Limitada – SL)
• Have a physical office in Spain
• Submit a business plan outlining services, security measures, and financial projections
• Comply with AML and CFT (Counter Financing of Terrorism) regulations
• Appoint a qualified AML compliance officer
• Ensure all beneficiaries and directors have a clean criminal record
• Open a business bank account and undergo financial verification

Yes. Spain allows foreign entrepreneurs and non-residents to establish a crypto business. However, you must have a registered local business address and appoint a local compliance officer who understands Spanish financial laws

Yes. Spanish law requires crypto companies to have a physical office where they conduct business operations and maintain records for regulatory inspections. A virtual office is not sufficient for licensing purposes.

Crypto businesses in Spain are subject to various tax regulations. New companies benefit from a reduced corporate tax rate of 15% for the first two years, which then increases to the standard 25%. Capital gains from cryptocurrency transactions are taxed progressively, with rates starting at 19% for profits up to €6,000, increasing to 21% for gains between €6,000 and €50,000, and reaching 23% for earnings above €50,000. Additionally, crypto mining income is taxable and must be reported to the Spanish tax authorities. While cryptocurrency transactions themselves are currently VAT-exempt under EU guidelines, businesses engaging in crypto-related financial services should consult tax professionals to ensure compliance with evolving regulations.

Spain is actively integrating the European Union’s Markets in Crypto-Assets (MiCA) framework, which will introduce a harmonized approach to cryptocurrency regulation across EU member states. MiCA is expected to be fully implemented by 2025 and will impose additional licensing requirements, stricter compliance measures for stablecoin issuers, and enhanced consumer protection protocols. Companies operating in Spain should anticipate these regulatory changes and prepare for more comprehensive reporting obligations and supervision.

No, a single Virtual Asset Service Provider (VASP) license obtained through the Bank of Spain allows businesses to operate both cryptocurrency exchange services and digital wallet custody. Companies offering a combination of services, such as crypto-to-fiat trading, token storage, and peer-to-peer transactions, can streamline their regulatory approvals under one registration. However, if additional investment-related services are provided, separate authorization from the Comisión Nacional del Mercado de Valores (CNMV) may be required.

Operating an unregistered crypto business in Spain can result in severe penalties, including hefty fines ranging from €150,000 to €5 million. Businesses found to be engaging in unauthorized cryptocurrency-related activities may also face operational bans, freezing of bank accounts, and potential criminal charges if fraudulent or money-laundering activities are detected. The Spanish authorities, in alignment with the EU’s anti-money laundering directives, conduct regular audits and enforcement actions against non-compliant entities.

Yes, all crypto businesses registered in Spain must comply with strict Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This includes verifying customer identities, maintaining records of transactions, monitoring financial activities for suspicious behavior, and reporting potential risks to Spain’s Financial Intelligence Unit (SEPBLAC). Businesses are also required to appoint an AML compliance officer who oversees internal controls and ensures adherence to international financial crime prevention standards.

Currently, stablecoin issuers and decentralized finance (DeFi) platforms operating in Spain must comply with existing AML and consumer protection laws. While some DeFi projects that function in a non-custodial, fully decentralized manner may fall outside the immediate scope of current regulations, upcoming MiCA rules will introduce stricter oversight for stablecoin operators and digital asset platforms. Companies planning to launch stablecoins, decentralized lending protocols, or tokenized financial products should prepare for new compliance requirements under the EU’s evolving legal framework.

Crypto advertising in Spain is subject to strict guidelines set by the Comisión Nacional del Mercado de Valores (CNMV). Since February 2022, large-scale cryptocurrency marketing campaigns must be pre-approved by the CNMV at least ten business days in advance. Advertisements must include clear risk warnings and avoid misleading claims about potential investment returns. Non-compliance with these regulations can lead to significant fines, restrictions on marketing activities, and even legal actions against offending companies.

Although traditional Spanish banks have been hesitant to support crypto-related businesses, some fintech institutions and European Electronic Money Institutions (EMIs) provide banking solutions tailored to digital asset firms. Many crypto companies in Spain rely on banking services from international providers in Switzerland, Estonia, or Lithuania, where financial institutions have more established crypto-friendly policies. To improve their chances of obtaining a local bank account, businesses should demonstrate full compliance with AML laws and maintain transparent financial records.

Unlike some jurisdictions, Spain does not impose mandatory annual audits on all crypto businesses. However, companies exceeding specific revenue or transaction volume thresholds may be required to submit audited financial statements. Maintaining detailed accounting records and financial documentation is essential, as regulatory authorities may request reports during compliance checks or inspections. Businesses that engage in high-risk financial activities or handle large volumes of digital assets should proactively adopt best practices for internal financial audits.

Spain offers several competitive advantages for crypto entrepreneurs compared to other European jurisdictions. Unlike Estonia or Malta, Spain does not impose high licensing fees for crypto business registration. Additionally, Spain provides a 15% corporate tax rate for new businesses and a clear regulatory framework that aligns with EU financial directives. Another key benefit is Spain’s large domestic crypto market, with an increasing number of investors and blockchain users actively participating in digital asset trading. The country’s location within the EU also allows licensed businesses to expand across Europe with relative ease, making it an attractive choice for international blockchain companies.

Spain’s regulatory framework for cryptocurrencies is continuously evolving, particularly as the European Union moves towards full implementation of MiCA. Any updates to crypto laws will likely focus on enhancing consumer protection, AML enforcement, and tax reporting obligations. Businesses operating in Spain should stay informed about upcoming legal changes and be ready to adjust their compliance strategies to meet new requirements. Working with legal advisors who specialize in blockchain regulation can help companies remain compliant and avoid unexpected regulatory pitfalls.

Yes, foreign entrepreneurs can apply for a crypto license in Spain without being physically present. However, they must appoint a local representative or director, establish a registered office in Spain, and fulfill all regulatory obligations. Most of the licensing process, including business registration and AML compliance setup, can be handled remotely through professional corporate service providers. Engaging with experienced consultants can streamline the process and reduce bureaucratic delays.