The Markets in Crypto-Assets Regulation (MiCA) introduces a unified regulatory framework for crypto-assets across the European Union (EU), promoting legal certainty, investor protection, and market stability. One of the core requirements under MiCA is obtaining a Crypto-Asset Service Provider (CASP) license, mandatory for businesses offering crypto asset services.
This licensing ensures compliance with strict standards on governance, security, and anti-money laundering (AML), enabling licensed CASPs to operate seamlessly across all EU member states. Whether you are an emerging startup or an established operator, obtaining a CASP license is essential to access the EU’s vast and dynamic market for digital assets.
In Spain, the National Securities Market Commission (Comisión Nacional del Mercado de Valores / CNMV) is the competent authority overseeing CASP licensing under MiCA. Businesses operating or planning to provide crypto-asset services in Spain must adhere to local implementation requirements alongside MiCA’s EU-wide provisions.
Our firm has a thorough knowledge of Spanish law, ensuring that your compliance efforts are efficient and effective.
We can help your business meet compliance requirements and unlock the potential of the EU crypto market!
In Spain, the CNMV is the competent authority overseeing CASP licensing under MiCA
Key Numbers about a CASP License in Spain
3 monthsaverage term of obtaining CASP license after application submission |
up to €150kamount of the share capital depending from CASP activity |
at least severaldirectors in a CASP |
25%corporate income tax (CIT) rate |
up to 49%personal income tax (PIT) rate |
25%capital gains tax (CGT) rate |
Legal Opinion about a CASP License in Spain
Ganna Voievodina
Manimama
|
CEO
“Obtaining a CASP license in Spain is essential for businesses offering crypto-asset services. Applicants must meet requirements, including robust AML/CFT compliance, a formal governance structure, and sufficient operational capital. Once licensed, CASPs must adhere to ongoing reporting obligations and maintain compliance with Spanish and EU regulations. A CASP license enhances credibility and provides access to the EU market under a clear regulatory framework”
Types of Activities with a CASP License in Spain
Providing custody and administration of crypto-assets on behalf of clients
This service means safekeeping or controlling, on behalf of third parties, crypto-assets or the means of access to such crypto-assets, where applicable in the form of private cryptographic keys. Holdings of crypto-assets on behalf of the clients shall be segregated from CASP’s holdings
Operation of a trading platform for crypto-assets
This service contains of the management of one or more multilateral systems, which brings together or facilitates the bringing together of multiple third-party buying and selling interests for crypto-assets – in the system and in accordance with its rules – in a way that results in a contract, either by exchanging one crypto-asset for another, or a crypto-asset for funds
Exchange of crypto-assets for funds
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for funds by using proprietary capital
Exchange of crypto-assets for other crypto-assets
This service means the conclusion of purchase or sale contracts concerning crypto-assets with clients for other crypto-assets by using proprietary capital
Execution of orders for crypto-assets on behalf of clients
This service means concluding agreements to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets on behalf of third parties and includes the conclusion of agreements to sell crypto-assets at the moment of their issuance
Placing of crypto-assets
This service includes the marketing, on behalf of or for the account of the offeror or of a party related to the offeror, of crypto-assets to purchasers. Before placing the crypto-assets a CASP shall obtain the agreement of the issuers or any third party acting on their behalf
Reception and transmission of orders for crypto-assets on behalf of clients
This service means the reception from a person of an order to buy or to sell one or more crypto-assets or to subscribe for one or more crypto-assets and the transmission of that order to a third party for execution
Providing advice on crypto-assets
This service means offering, giving or agreeing to give personalized recommendations to a third party, either at the third party’s request or on the initiative of the a CASP providing the advice, in respect of one or more transactions relating to crypto-assets, or the use of crypto-asset services
Providing portfolio management on crypto-assets
This service includes managing portfolios in accordance with mandates given by clients on a discretionary client-by-client basis where such portfolios include one or more crypto-assets
Providing transfer services for crypto-assets on behalf of clients
This service means transfer, on behalf of a natural or legal person, crypto-assets from one distributed ledger address or account to another. Such service may be provided without virtual currency wallet opened for a CASP’s client
Benefits of Obtaining a CASP License in Spain
Access to Spain’s growing crypto market:
- Spain is a leading crypto-friendly country with a thriving blockchain ecosystem
- A CASP license allows businesses to tap into a market with millions of active crypto users
Strong legal protection against financial crimes:
- A licensed CASP operates within a structured legal framework, reducing liability risks
- Spanish regulators provide guidance and support for fraud prevention
Long-term business stability and scalability:
- Compliance with Spanish and EU regulations ensures long-term operational security
- CASPs can scale internationally with confidence under a single regulatory framework
Attract institutional and retail clients:
- Institutional investors require licensed and regulated partners for compliance reasons
- Retail users trust regulated platforms over unlicensed ones, leading to higher customer acquisition
EU-wide passporting under MiCA:
- Spanish CASPs are able to offer services across the EU without additional licensing
- This enables companies to expand into 27 EU countries seamlessly
Customer protection measures:
- Licensed CASPs must adhere to policies that safeguard customer funds and data
- This helps prevent fraud and builds a long-term loyal client base
Our Services
STEP 1
Incorporation stage
- Company formation in Spain
- Provision of a registered address for 1 year
- Opening corporate bank account and transferring the share capital
- Appointment and employment of a local director
- Detailed company structure documentation
STEP 2
Pre-licensing stage
- Preparation and submission legal and financial documents (non-exhaustive list) according to MiCA
- Review of existing policies and procedures, if the company already has them
STEP 3
Licensing stage
- CASP license application assistance
- Conducting communication with the CNMV during the license process
Our Experts in this Area
Step by Step Description
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Initial setup
- Initiating a preliminary project assessment
- Creating an action plan
- Preparation and filing of the package of documents
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Company registration
- Choosing and verifying the corporate name
- Preparation of corporate address
- Opening a banking account for contribution of the shared capital
- Carrying out the notarial deed of company registration
- Registration in Mercantile Registry
- Obtaining the Certificate of incorporation from Mercantile Register, Memorandum and Articles of Association
- Registration for tax purposes
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Obtaining a CASP license
- Preparation of documents according to MICA
- Submission an application to the licensing authority - CNMV
- Reviewing the application to ensure it is complete (if any documents or information are missing, the applicant will be notified and given a specific deadline to provide the necessary additional documentation)
- Assessment of the documents` content submitted (a detailed review to verify that all regulatory requirements are met)
- Requesting of additional details (if applicable)
- Notification of grant or refusal of the CASP license
- Granting or refusal notification to European Securities and Markets Authority (ESMA)
- Publication in ESMA register
Spanish National Legislation
In Spain, the transition period means that applicants may continue to provide services related to the provision of crypto-asset services until December 31, 2025
Regulation:
The primary legislation governing the licensing of CASPs is Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión (Law 6/2023, of March 17, 23, on Securities Markets and Investment Services).
Licensing authority:
The CNMV is the competent authority in charge of the supervision of crypto-assets which qualify as financial instruments and those other than e-money tokens and asset-reference tokens. The CNMV is also responsible for the authorisation and supervision of CASPs.
The Law 6/2023 has expanded the CNMV's powers by giving it the right to supervise and authorize CASPs - including exchange platforms, custody and advisory services - which will be subject to similar rules as investment services firms under MiFID. The CNMV also controls the financial promotion of crypto-assets as investments.
Procedure, timelines, fees:
Following the full application of MiCA, i.e. after 30 December 2024, the CNMV must assess within 25 working days of receiving an application for authorisation whether all of the required information has been included in the application. At this stage, however, the CNMV will not assess the quality of the information provided. The CNMV may ask the applicant to supplement the application if some or all of the required information is missing. The CNMV will set a deadline for the submission of any missing information. After the submission of missing information, the CNMV will have 40 working days to make a qualitative assessment of the application. During this period, the CNMV has the opportunity to submit additional requests for clarification, but only the first of these requests will suspend the 40 working day assessment period, for a maximum of 20 working days.
The CNMV published a “CASP Authorization Application Manual”, in which it described all the points of applying for a CASP license in Spain. The Manual includes consists of the following sections:
- Application for authorization and general information
- Legal form and incorporation procedure of the CASP
- Shareholder and group structure
- Management body
- Program of activities and continuity plan
- Organizational structure and mechanisms and procedures for internal control and risk management
- Rules of conduct
- Annexes
Transition period:
On October 26, 2023 the Ministry of Economy notified the ESMA of its intention to shorten the transitional regime so that it ends in December 2025 rather than on July 1, 2026.
CASPs included in the register established for this purpose by the Bank of Spain will therefore be able to continue to provide their services in Spain after the effective date of MiCA and until December 31, 2025 or until the Spanish supervisory authority issues or refuses the relevant authorization.
Requirements for Obtaining a CASP License in Spain
Capital requirements for a CASP vary depending on what services the company will provide - from €50,000 to €150,000
Physical office requirements
A CASP shall have a registered office in Spain where it carries out at least part of their crypto-asset services.
Requirements for key persons
-
Senior managers (directors):
- Number: MICA does not specify a minimum and maximum number of directors. However, MICA states (part 2, article 59) that there shall be at least several directors.
- Residency requirements: At least one director must be an EU resident.
- General requirements: Directories must have a solid reputation, necessary skills, and relevant experience.
- Required documents:
- a clean criminal record
- a detailed CV
- statements on time commitment and past professional conduct.
-
Shareholders:
- Number: MICA does not specify a minimum and maximum number of shareholders.
- Residency requirements: There is no restriction.
- General requirements: Shareholders must have a solid reputation, necessary skills, and relevant experience.
- Required documents:
- a clean criminal record
- an ownership structure chart.
Capital requirements
Capital requirements vary depending on what services the company will provide:
Class 1: A CASP authorized 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.
Minimum capital requirements - €50,000.
Class 2: A CASP authorized 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.
Minimum capital requirements - €125,000.
Class 3: A CASP authorized for any crypto-asset services under Class 2 and:
- operation of a trading platform for crypto-assets.
Minimum capital requirements - €150,000.
Documentation requirements
There are list of documents that must be submitted with the application:
-
Documents required for all CASPs:
- The articles of association of the applicant CASP
- Identity and proof of good repute, knowledge, skills, experience and of sufficient time commitment of the members of the management body
- Information relating to shareholders or members with qualifying holdings
- A program of operations setting out the types of crypto-asset services that the applicant CASP wishes to provide, including where and how these services are to be marketed
- A description of the applicant CASP’s prudential safeguards (insurance policy)
- A description of the applicant CASP’s governance arrangements and internal control mechanisms
- A description of the applicant CASP’s business continuity plan
- Detection and prevention of money laundering and terrorist financing (full packet of policies)
- Descriptions both in technical and non-technical language of applicant CASP’s IT systems and security arrangements
- A description of the applicant CASP’s procedures to handle complaints from clients
- Documents required in case CASP wishes to offer services in other countries:
- List of EU countries where the company wishes to offer its services
- Documents required for certain services (each of the 10 services requires its own documents):
- Custody and administration policy
- A description of the procedure for the segregation of client’s crypto-assets and fund
- The operating rules of the trading platform and market abuse detection
- Information on the exchange of crypto-assets for funds or other crypto-assets (commercial policy)
- The execution policy
- Information on the provision of advice or portfolio management on crypto-assets
- Information on transfer services
Taxes in Spain
The CIT rate of 25% applies to most businesses, but there are some exceptions
Corporate Income Tax (CIT)
The general CIT rate in Spain is 25%.
There is a reduced tax rate for newly established companies, which applies to the first two years during which they generate taxable income. The rate is 15%.
For small companies with annual revenues less than €1 million, a reduced rate of 21% applies to the first €50,000 of taxable profit, with the remaining profit taxed at 22%.
Medium-sized companies with revenues below €10 million are subject to a 24% rate in 2025, decreasing by one percentage point annually until reaching 20% in 2029.
Capital Gains Tax (CGT)
Most gains on assets thFor residents capital gains are taxed at progressive rates based on the amount of gain:
- up to €6,000 - 19%
- €6,001 to €50,000 - 21%
- €50,001 to €200,000 - 23%
- €200,001 to €300,000 - 27%
- over €300,000 - 30%
For non-residents there is a flat CGT rate - 19%. Thus, it applies regardless of the amount of income.
As for crypto taxation in relation to individuals - profits from selling or exchanging cryptocurrencies are subject to CGT at the rates outlined above. In addition, crypto transactions conducted by companies are considered part of their regular business activities. Profits from these transactions are taxed under the standard CIT rates applicable to the company.
Personal Income Tax (PIT)
Spain uses a progressive PIT system. All regions (Comunidad Autónoma) in Spain can set their own rates. Here are the rates for Madrid:
- up to €12,450 - 19%
- from €12,451 to €20,200 - 24%
- from €20,201 to €35,200 - 30%
- from €35,200 to €60,000 - 37%
- from €60,000 to €300,000 - 45%
- over €300,000 - 49%
In addition, if cryptocurrency activities resemble professional or business operations, income may be classified under general taxable income, subject to progressive PIT rates.
Frequently Asked Questions
-
What is a CASP license in Spain?A CASP license is a regulatory authorization required for companies providing cryptocurrency-related services such as exchanges, custodial services, advisory services in Spain.
-
Who issues the CASP license in Spain?The National Securities Market Commission (Comisión Nacional del Mercado de Valores) issues CASP licenses.
-
What services can be provided under a CASP license?
It allows services such as:
- 1) Providing custody and administration of crypto-assets on behalf of clients
- 2) Operation of a trading platform for crypto-assets
- 3) Exchange of crypto-assets for funds
- 4) Exchange of crypto-assets for other crypto-assets
- 5) Execution of orders for crypto-assets on behalf of clients
- 6) Placing of crypto-assets
- 7) Reception and transmission of orders for crypto-assets on behalf of clients
- 8) Providing advice on crypto-assets
- 9) Providing portfolio management on crypto-assets
- 10) Providing transfer services for crypto-assets on behalf of clients
-
What are the key requirements to obtain a CASP license in Spain?Companies must meet physical office requirements, requirements for managers and shareholders, minimum capital requirements, documentation requirements.
-
Is it mandatory to have a physical office in Spain to obtain a CASP license?Yes, a local office in Spain is required for regulatory oversight.
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Is there a minimum capital requirement for obtaining a CASP license?Yes, applicants must meet specific financial and operational adequacy standards, but the exact minimum capital depends on the services offered (€50,000, €125,000, €150,000).
-
What is the process for applying for a CASP license?The process involves submitting an application to CNMV with detailed documentation on the company structure, management, AML policies, and financial plans, etc.
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How long does it take to obtain a CASP license?The preparation of documents and the review process typically takes several months, depending on the completeness of the application and the authority's workload.
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What are the tax obligations for CASPs in Spain?
CASPs are subject to:
- CIT of 25%
- VAT rules (if applicable) for specific crypto services
- Capital gains tax on crypto transactions
-
Can CASPs provide cross-border services in the EU?Yes, once licensed under MiCA, CASPs can offer services across the EU without needing separate licenses in other Member States.
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Why is a CASP license necessary in Spain?A CASP license ensures compliance with Spanish and EU financial regulations under the MiCA Regulation, providing legal security and consumer protection.
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