If you were counting on Spain’s old crypto register, that door has closed. Until recently, running an exchange or wallet in Spain meant a light AML registration with the Banco de España.
As of 2026 that regime is gone: crypto is governed by the EU’s Markets in Crypto-Assets Regulation (MiCA), and the only way to operate legally is a full Crypto-Asset Service Provider (CASP) authorisation from Spain’s securities regulator.
This guide walks a founder through what changed, who grants the licence, and the actual sequence to get one — so you know where your time and capital really go before you contact anyone.
From the Banco de España Register to MiCA
For a few years Spain ran a national VASP register: crypto firms signed up with the Banco de España for anti-money-laundering purposes and that was broadly enough to trade. MiCA replaced that patchwork across the whole EU. Since MiCA became fully applicable to crypto-asset services on 30 December 2024, the register is no longer a licence — it is a legacy list being wound down.
Spain used the longest transition the regulation allowed, letting already-registered providers keep operating while they applied for full authorisation. That grace period ended on 1 July 2026. In practice this means two things for you today: there is no “register and go” shortcut anymore, and any firm still trading on the old basis is now doing so without a valid licence. The competent authority for the new regime is the CNMV — Spain’s National Securities Market Commission — not the central bank.
Who Needs a CASP Licence and What It Covers
A CASP authorisation is service-based: you are licensed for the specific crypto activities you intend to provide, and MiCA defines them precisely. They include custody and administration of crypto-assets, operating a trading platform, exchanging crypto for cash or for other crypto, executing orders, placing crypto-assets, reception and transmission of orders, providing transfer services, advice, and portfolio management.
The upside of MiCA is the passport. A single CASP authorisation from the CNMV lets you serve clients across all 30 EEA countries without re-licensing in each one — which is exactly why Spain is worth the effort rather than a smaller non-EU jurisdiction. The trade-off is substance: this is a real financial licence, and the CNMV expects you to look and operate like a regulated firm from day one.
The Application Sequence, Step by Step
You need a legal entity with a registered office and real management in an EU member state — a Spanish company is the natural choice — and at least one director resident in the EU. From there the CNMV expects a complete dossier: a detailed programme of operations for each service, a business plan, proof of the minimum capital, a governance and internal-control framework, an AML/KYC policy with a designated compliance officer, cybersecurity and ICT arrangements aligned with DORA, client-asset safeguarding procedures, and fit-and-proper documentation for every shareholder and manager. Check more on Spain cryptocurrency rules.
Once filed, the CNMV runs a completeness check and then a substantive assessment, and MiCA gives the regulator up to 40 working days to decide on a complete application — though in practice preparation and back-and-forth make the realistic timeline several months. The lesson from Spain’s first authorisation wave is blunt: only a handful of firms were licensed by mid-2026, because thin or rushed applications get sent back.
Cost, Capital and Ongoing Obligations
Two numbers drive the budget. The first is minimum capital, which MiCA tiers by service — from €50,000 for advisory and order-handling firms, to €125,000 for custody and exchange, to €150,000 for a trading platform — with a catch: your required own funds are the higher of that floor or a quarter of your previous year’s fixed overheads. The second is the cost of substance: local presence, qualified compliance and risk staff, audited accounts, and the systems to meet reporting and safeguarding rules.
Authorisation is not the finish line. A licensed CASP faces continuous obligations — prudential reporting, AML monitoring, complaint handling, marketing rules, and CNMV supervision — and comparing Spain against a fellow MiCA hub like Portugal on cost, timing and regulator style is a sensible move before you commit. The regime is demanding, but the reward is a passportable EU licence that banks, auditors and counterparties actually respect.
FAQ
Do I still need to register with the Banco de España to run a crypto business in Spain?
No. The old VASP register has been superseded by MiCA. Since 1 July 2026 you need a full CASP authorisation from the CNMV; the central-bank registration is no longer a valid basis to operate.
Who issues crypto licences in Spain?
The CNMV (Comisión Nacional del Mercado de Valores), Spain’s securities-market regulator, is the competent authority for CASP authorisations under MiCA.
How long does a Spanish CASP licence take?
The CNMV has up to 40 working days to decide once your application is complete, but realistic end-to-end timelines run several months once preparation, document requests and remediation are included.
Can I use a Spanish CASP licence in other EU countries?
Yes. A CASP authorisation passports across all 30 EEA states, so one Spanish licence lets you serve clients EU-wide without re-licensing locally.
How much capital do I need?
Between €50,000 and €150,000 depending on the services you provide, or one quarter of your previous year’s fixed overheads if that figure is higher.
Conclusion
Getting crypto-authorised in Spain in 2026 is no longer a registration formality — it is a full MiCA CASP licence from the CNMV, with real capital, real substance and a real assessment behind it. The old Banco de España register is closed, the transition ended on 1 July 2026, and the payoff for doing it properly is a licence you can passport across the entire EU. Map your services to the right capital tier, build the compliance framework before you file, and treat the CNMV as a regulator to satisfy rather than a form to submit.
Planning a crypto business in Spain and unsure which services trigger which requirements? Send us your model — the activities, the entity and where your team sits — on Telegram or WhatsApp, and we will map you to the right CASP scope and build a realistic licensing plan before you spend on the wrong structure.
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This article is for general informational purposes only and is not legal, tax, or financial advice. Consult a qualified professional before acting. Editorial Policy.
