Spain Compliance Report

Generated 2026-09-22

Comprehensive Framework

Regulatory Overview

Regulatory Status: Dedicated crypto/VA legislation, licensing regime, active enforcement
Key Regulator(s): Bank of Spain VASP Register, European Parliament and of the Council, European Central Bank
Risk Level: low
Primary Legislation: MiCA Regulation (EU) (2023), Law 10/2010 (Anti-Money Laundering) (2010), Law 10/2010 of April 28, on the Prevention of Money Laundering and Terrorist Financing, Royal Decree-Law 7/2021 of April 27, EU Law, Personal Income Tax Law, Wealth Tax Law
Travel Rule: Adopted — Threshold: Implemented
Tax Reporting: Overseas crypto assets in Spain are reported using Modelo 721, domestic holders use relevant income tax forms, and capital gains tax follows general income tax rates, not a fixed 19-28% range.. Taxable Event: A capital gain (or loss) arises when you:. Sell cryptocurrency for fiat currency (e.g., EUR).. Exchange one cryptocurrency for another (e.g., Bitcoin for Ethereum).. Use cryptocurrency to purchase goods or services.

Key Facts

aml Directive (EU) 2015/849 (4th AMLD): The foundational directive, which brought more entities into scope and strengthened CDD. Directive (EU) 2018/843 (5th AMLD): Crucially, this directive extended the scope of AML/CFT rules to include virtual asset service providers (VASPs), specifically: Providers engaged in exchange services between virtual currencies and fiat currencies. Custodian wallet providers. Directive (EU) 2018/1673 (6th AMLD): Primarily focuses on harmonizing the definition of money laundering criminal offenses and related sanctions across the EU, which indirectly supports the AML framework. Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo (Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing). Real Decreto 304/2014, de 5 de mayo, por el que se aprueba el Reglamento de la Ley 10/2010 (Royal Decree 304/2014, of May 5, approving the Regulation of Law 10/2010): This Royal Decree provides detailed rules for the implementation of Law 10/2010. It also has been amended to reflect EU changes. Circular 2/2022 del Banco de España, de 23 de marzo (Circular 2/2022 of the Bank of Spain, of March 23): This circular specifically regulates the administrative registration of providers of virtual currency exchange services for fiat currency and electronic wallet custody services.
custody Requirement: Under MiCA, providing "custody and administration of crypto-assets on behalf of clients" will require a full authorization (license) from a national competent authority (in Spain, likely the CNMV - Comisión Nacional del Mercado de Valores, or potentially the Bank of Spain, subject to national implementation laws). Legal Basis: Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCA). Key Provisions: Articles 53-62 of MiCA detail the authorization process and requirements for all CASPs, including those offering custody. Regulation (EU) 2023/1114 (MiCA): https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114 MiCA explicitly mandates robust rules for safeguarding client crypto-assets. Key Provisions (Article 38 - MiCA): CASPs offering custody must enter into a custody agreement with clients. They must establish and maintain an internal policy outlining how they safeguard client crypto-assets and funds.
enforcement Entity Targeted: Binance (specifically, Binance Spain S.L.). Violation Type: Non-compliance with the CNMV's Circular 1/2022 on advertising of crypto-assets. The alleged violations included insufficient disclosure of risks, lack of clarity, and inadequate warnings in advertising campaigns. Outcome: Fine imposed and publicly announced. This marked a significant enforcement of Spain's relatively new crypto advertising rules. Entity Targeted: Tools for Humanity Corp. (the company behind the Worldcoin project). Violation Type: Illicit processing of personal data (especially sensitive biometric data like iris scans), lack of transparency, insufficient information provided to users, and processing of data of minors. Penalty Amount: Precautionary measure imposing an immediate prohibition on the collection and processing of personal data by Worldcoin in Spain. A final fine amount will be determined after a full investigation, potentially reaching up to €20 million for GDPR violations. Outcome: Precautionary measure imposed, requiring Worldcoin to cease all data collection and processing activities in Spain related to its iris scanning. Investigation ongoing. This is a very significant action due to its direct operational impact and the novelty of regulating biometric data in a crypto context. Entity Targeted: Numerous (hundreds) of unregistered entities operating in the cryptocurrency and forex markets, often referred to as "chiringuitos financieros" (financial boiler rooms). Specific examples include warnings against companies like Bitget, MEXC Global, and countless smaller, fraudulent-appearing platforms. Violation Type: Offering investment services or products related to crypto assets in Spain without the required authorization or registration with the CNMV. This often includes deceptive advertising practices. Penalty Amount: While not a single "fine," the outcome is a public warning, inclusion on the CNMV's "grey list" (list of unauthorized firms), and potential legal action or blocking of access within Spain. This effectively prohibits their operations in Spain and serves as a public consumer alert. Outcome: Prohibition of unauthorized operations in Spain, public consumer warning, and potential escalation to legal action. This proactive enforcement has been a continuous and significant effort to protect investors. Legal Basis: Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCA). Outcome: Fine imposed and publicly announced. This marked a significant enforcement of Spain's relatively new crypto advertising rules. Outcome: Prohibition of unauthorized operations in Spain, public consumer warning, and potential escalation to legal action. This proactive enforcement has been a continuous and significant effort to protect investors.
general Shares admitted to trading on any official secondary market defined in Directive 2014/65/EU (e.g., the Spanish Official Market). Exclusions: shares whose assets consist mainly of real estate in Spain, shares not listed on regulated markets, and transfers that occur outside these markets or are installment‑type. If you reinvest the proceeds from a gain into life annuities (within the terms set by Royal Legislative Decree 4/2015), the gain is exempt from tax for that year. Declare this in the dedicated capture window. When a loss occurs, and you later acquire homogeneous securities within the allowed period, defer recognizing the loss until the subsequent definitive transfer of those securities. Nonetheless, report the loss (even if not yet liquidated) by checking the appropriate box. Apply any reduction factors from Transitional Provision 9 when calculating profits on gains derived from these shares; follow the specific data‑capture instructions for that section. Valuation for Wealth Tax (2005) For securities traded on organized markets acquired before 31 December 1994, use the average trading value of the fourth quarter of 2005 as set out in Order EHA/492/2006 (BOE 27‑02‑2006). Multiply the number of shares by this unit value. Check “Use Securities Portfolio program” if you prefer automated calculation; otherwise, proceed manually.
licensing CNMV — Securities market, crypto advertising regulation (mandatory risk warnings) Banco de Espana — VASP registration, AML/CFT MiCA Regulation (EU) (2023) — CASP authorization, comprehensive crypto regulation Law 10/2010 (Anti-Money Laundering) (2010) — Pre-MiCA VASP registration with Banco de Espana VASP: CASP authorization under MiCA via CNMV/Banco de Espana. 6-12 months. Relatively reasonable registration process — attracted crypto firms. CUSTODY: CASP authorization — custody is a licensed MiCA activity EXCHANGE: CASP authorization under MiCA; CNMV mandatory risk warnings on all crypto marketing
sanctions Direct Effect: EU Council Regulations imposing sanctions are directly applicable in Spain. Scope: EU sanctions target individuals, entities, and sometimes entire countries, prohibiting various activities, including providing financial services, dealing with certain goods, or transferring funds/economic resources. "Economic resources" explicitly includes virtual assets. Purpose: To counter terrorism, proliferation of weapons of mass destruction, human rights abuses, and to uphold international law (e.g., in response to Russia's aggression against Ukraine). Consolidated List: The EU maintains a consolidated list of persons, groups, and entities subject to EU financial sanctions, which VASPs must screen against. Legal Reference: The legal basis for EU sanctions is primarily Article 215 of the Treaty on the Functioning of the European Union (TFEU). URL: Treaty on the Functioning of the European Union (TFEU) URL: EU Sanctions Map (Consolidated List Data) Following Russia's invasion of Ukraine, the EU introduced explicit prohibitions on crypto-asset services as part of its sanctions packages.
securities Obtain CNMV Authorization: Submit a comprehensive prospectus detailing the tokenized security offering within 30 days of market launch. Register with CNMV: Complete registration within statutory deadlines, ensuring all documentation is submitted electronically via the CNMV portal by the specified date each fiscal quarter. Implement AML/KYC Protocols: Ensure identity verification and transaction monitoring compliance, adhering to guidelines that require real-time risk assessment for transactions exceeding €10,000. Tax Rate Application: Apply a 25% corporate tax rate to gross income from tokenized securities; plan for approximately €0.23 per €1 generated when converted at an approximate exchange rate of 0.23 USD per €1, with potential reductions based on qualifying expenses. Monitor Regulatory Updates: Stay informed on CNMV guidelines and MiFID II amendments through monthly bulletins published by the CNMV and attend quarterly webinars organized by industry experts. Spain Law 6/2023 Tokenized Securities Treatment General information - types of securities, deadlines, other market... Practical Law Global’s Securities Regulatory Framework (Spain)
status Pre-MiCA: National laws primarily covered AML/CTF registration for Virtual Asset Service Providers (VASPs) and specific rules for crypto advertising. Post-MiCA (Effective June/December 2024): MiCA will introduce a harmonized and comprehensive licensing regime for Crypto-Asset Service Providers (CASPs) and specific rules for various types of crypto-assets (e-money tokens, asset-referenced tokens, and other crypto-assets). This will largely supersede or integrate national rules in its scope. Role: Responsible for the registration and supervision of Virtual Asset Service Providers (VASPs) operating in Spain, specifically concerning Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) compliance. This includes crypto-fiat exchanges and custodial wallet providers. URL: Banco de España - Registro de proveedores de servicios de cambio de moneda virtual por moneda fiduciaria y de custodia de monederos electrónicos Role: Oversees investor protection, market transparency, and the integrity of financial markets. The CNMV is particularly active in regulating the advertising of crypto assets, regardless of whether they qualify as financial instruments. If a crypto asset is deemed a financial instrument, the CNMV's full regulatory framework for securities applies. URL: Comisión Nacional del Mercado de Valores (CNMV) Role: Responsible for the taxation of crypto assets, including income tax, wealth tax, and reporting obligations for both individuals and businesses. URL: Agencia Tributaria
tax Overseas crypto assets in Spain are reported using Modelo 721, domestic holders use relevant income tax forms, and capital gains tax follows general income tax rates, not a fixed 19-28% range. Taxable Event: A capital gain (or loss) arises when you: Sell cryptocurrency for fiat currency (e.g., EUR). Exchange one cryptocurrency for another (e.g., Bitcoin for Ethereum). Use cryptocurrency to purchase goods or services. Calculation: The gain or loss is calculated as the difference between the sale/transfer value and the acquisition value. Transaction fees can generally be added to the acquisition cost or deducted from the sale price. Cost Basis (FIFO Rule): For calculating the acquisition value, Spain generally applies the First-In, First-Out (FIFO) rule. This means that when you sell crypto, you are deemed to be selling the crypto you acquired first. Tax Rates (Base del Ahorro - Savings Income): Capital gains from virtual assets are integrated into the "savings income" tax base and are subject to progressive rates:
travel rule Travel Rule adopted — threshold: EUR 0 (no threshold under TFR recast)

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-22. View full profile