Spain Sets Clear Path for Crypto Platforms Under New EU Rules

The Spanish National Securities Market Commission (CNMV) released a comprehensive question-and-answer document this week outlining what crypto platforms need to do to continue operating legally in Spain. The message is clear: get licensed under MiCA rules or shut down.

Spain’s Transitional Timeline

The EU regulation allows countries to give crypto companies until July 1, 2026 to obtain proper authorization, and Spain has adopted this maximum transitional period.

This means crypto-asset service providers (CASPs) operating in Spain have until July 1, 2026 to secure full MiCA authorization. Companies that fail to meet this deadline will no longer be permitted to operate in the country.

Spain is actively using MiCA’s transitional rules to give companies time to adapt, similar to other EU member states. However, different countries have set different timelines—France allows 18 months while the Netherlands gives only six months.

Who Can Use the Transition Period

Not all crypto companies get the same treatment during this transition. Only certain businesses can continue operating while they wait for MiCA authorization.

Companies registered with Spain’s Bank of Spain before December 30, 2024 for currency exchange and wallet custody services can keep operating during the transition period. This registry was created under Spain’s anti-money laundering laws starting in May 2021.

The CNMV clarified that companies providing other crypto services—like portfolio management or investment advice—can also use the transitional period if they were already operating before December 30, 2024. These companies weren’t required to register with the Bank of Spain, but they must prove they were actively providing services.

Source: cnmv.es

One important change: the Bank of Spain stopped accepting new CASP registrations on December 30, 2024. The registry now serves only an informational purpose, and the CNMV has taken over all authorization and supervision responsibilities.

What the New Rules Require

The CNMV’s guidance walks crypto companies through the authorization process, explaining which firms fall under MiCA’s scope and how the regulation interacts with existing Spanish rules. The regulator emphasizes that crypto companies must take the transitional deadlines seriously to avoid being forced to cease operations.

The regulator also published a handbook for crypto service providers seeking authorization. The application process is extensive—companies must provide detailed information spanning over 100 pages about their operations, shareholders, management structure, and risk controls.

For certain financial institutions already regulated under EU law—like banks, investment firms, and e-money institutions—the process is simpler. These entities can follow a streamlined notification procedure instead of going through full authorization. They must notify the CNMV 40 days before starting crypto services.

The CNMV began accepting CASP applications in September 2024. As of now, only BBVA has obtained a MiCA license in Spain.

Cross-Border Operations Have Limits

The guidance addresses an important question for international crypto companies: can firms operating under transition rules in other EU countries also serve Spanish customers?

The answer is no. Companies using transitional periods in their home countries cannot automatically passport their services to Spain unless they also qualify for Spain’s specific transitional arrangements.

This creates a patchwork across Europe during the transition phase. Different countries have set different timelines—France allows 18 months while the Netherlands gives only six months. Some countries may not establish transitional periods at all.

Once companies obtain full MiCA authorization in any EU country, they can passport their services across all 27 member states. But during the transition, companies must comply with each country’s specific rules.

Additional Guidance on Investment Activities

The CNMV’s new documentation doesn’t just cover basic licensing. It also provides updated criteria on how MiCA applies to collective investment funds, venture capital entities, and firms regulated under the EU’s Markets in Financial Instruments Directive (MiFID II).

The regulator included guidance on when influencers promoting crypto investments are considered to be engaging in client acquisition—a regulated activity under EU rules. If influencers receive compensation based on the number of clients they bring in, or if they interact with followers to establish regular client relationships, their activities may be classified as marketing subject to regulatory requirements.

The guidance also covers requirements for over-the-counter derivatives issued to clients for hedging purposes, defining conditions these products must meet to comply with regulatory standards and protect investors.

The Comply-or-Quit Decision

The CNMV’s guidance represents what regulators call a “comply or quit” approach. The message to crypto companies is straightforward: adapt your business model to meet MiCA requirements by July 1, 2026, or cease operations in Spain.

This approach reflects broader European momentum toward standardized crypto regulation. MiCA fully applies across the EU as of December 30, 2024, creating uniform rules for crypto-asset service providers, issuers, and trading platforms.

The regulation aims to protect investors and ensure financial stability while providing clear rules that allow legitimate crypto businesses to operate across the European Union with a single license.

What Happens Next

Spanish crypto companies now face a critical period. They must gather extensive documentation, implement robust compliance systems, and submit complete applications to the CNMV—all before the July 1, 2026 deadline.

The CNMV emphasized that entities planning to request authorization should submit applications well in advance. This gives both regulators and firms time to adjust systems, reporting mechanisms, and compliance processes before full enforcement.

Companies that miss the deadline or receive denied applications will no longer be permitted to offer crypto services in Spain. For an industry that has operated with relatively light regulation until now, this represents a fundamental shift.

Drawing the Line

Spain’s approach to MiCA implementation shows how European regulators are bringing crypto into the mainstream financial system. By adopting the full 18-month transitional period and publishing detailed guidance, the CNMV is giving companies time to achieve compliance while maintaining clear standards.

For Spanish crypto users and businesses, this means greater clarity about which companies are properly authorized. It also means some providers may exit the market if they cannot meet the new standards. The result should be a more regulated, transparent crypto sector—but potentially with fewer players.