Spain’s Financial Sector Prepares for MiCA Compliance

MiCA and Its Relevance to Spain

The MiCA regulation, adopted by the EU to standardize crypto-asset services, introduces rigorous compliance standards in all member states. Spain, under the supervision of the Comisión Nacional del Mercado de Valores (CNMV), must now ensure that its domestic crypto market aligns with MiCA mandates. Spanish firms seeking to operate as CASPs will be required to demonstrate full compliance with governance, security, and anti-money laundering (AML) obligations.

CASP Licensing Under MiCA

To participate in Spain’s regulated crypto economy, businesses must obtain a CASP license. The process includes submitting corporate documentation, a program of operations, and internal control mechanisms that reflect MiCA’s strict standards. In Spain, the CNMV plays a central role in processing applications, evaluating compliance readiness, and supervising authorized entities. For emerging startups and established companies alike, MiCA compliance and licensing open the door to EU-wide passporting and legal legitimacy.

Key Licensing Requirements in Spain

The capital requirements for obtaining a CASP license in Spain range from €50,000 to €150,000 depending on the scope of services provided. A physical presence is mandatory—each CASP must maintain a registered office in Spain. In terms of governance, MiCA mandates that CASPs appoint several qualified directors, at least one of whom must be an EU resident. These individuals must demonstrate a clean legal record and relevant professional experience.

Documentation for a CASP license includes Articles of Association, shareholder information, a compliance strategy, risk management procedures, a business continuity plan, and evidence of IT and cybersecurity measures. Compliance with MiCA involves regular audits, customer protection frameworks, and detailed AML policies.

Spain’s Transition Timeline and Procedure

With MiCA set to take full effect by December 30, 2024, Spain has announced a transition period extending until December 31, 2025. During this time, existing crypto businesses can continue operations under current national laws but must secure MiCA authorization by the deadline to remain active thereafter. The CNMV has committed to a transparent and timely review process, with a preliminary assessment of application completeness within 25 business days, followed by a 40-day evaluation window.

MiCA Compliance: Why It Matters

Compliance is more than a legal formality—it’s a competitive advantage. In Spain, MiCA compliance will distinguish legitimate firms from unregulated actors, fostering greater investor confidence. Compliant firms are better positioned to attract institutional investment, expand internationally, and ensure long-term business viability. By aligning with MiCA, Spanish firms can gain access to a harmonized market of over 400 million consumers.

Challenges Facing Spanish Firms

Despite the benefits, achieving MiCA compliance presents significant challenges. Startups in Spain may face hurdles related to operational readiness, documentation preparation, and capital adequacy. Legal expertise is often required to interpret MiCA provisions accurately and develop policies that satisfy both Spanish and EU regulators. Moreover, the evolving nature of crypto-assets means that firms must continuously adapt their compliance posture to remain aligned with regulatory expectations.

Italy’s Influence and Regional Comparison

Although MiCA applies EU-wide, regional interpretations vary slightly. Italy, for example, has taken a proactive stance on crypto compliance by implementing local enhancements to MiCA’s framework. Spanish regulators are closely watching Italy’s approach, particularly around transparency measures and institutional collaboration. This comparative analysis helps Spain anticipate challenges and refine its national implementation strategy.

The collaboration between Spain and Italy is key to ensuring that MiCA compliance in southern Europe supports innovation while mitigating risks. Both countries aim to position themselves as leaders in compliant digital finance, attracting international players and fostering regional synergies.

CASP Licensing Activities Allowed in Spain

MiCA outlines a broad spectrum of activities permitted under a CASP license in Spain. These include the custody and safekeeping of crypto-assets, operation of trading platforms, execution of orders, exchange services (crypto-to-fiat and crypto-to-crypto), portfolio management, investment advice, and the reception and transmission of orders. Firms authorized by the CNMV can offer these services not only in Spain but across all EU member states, thanks to passporting rights under MiCA.

Spanish Taxation for CASPs

Tax compliance remains a crucial component of MiCA implementation. In Spain, corporate income tax (CIT) is set at 25%, although small businesses may benefit from reduced rates. Capital gains from crypto transactions are taxed progressively, ranging from 19% to 30%. Personal income tax (PIT) for crypto activities also follows a tiered structure, with rates reaching up to 49%. Firms operating under MiCA must establish transparent tax strategies that comply with Spanish regulations and EU standards.

Legal Support and Compliance Advisory

Navigating Spain’s MiCA compliance landscape demands legal precision. From corporate structuring and document preparation to interaction with the CNMV, legal advisors play an essential role. Consulting experienced professionals ensures that companies can confidently manage licensing risks, maintain operational readiness, and avoid penalties associated with non-compliance.

As conclusion

MiCA offers Spain’s financial sector a rare opportunity: a chance to lead in Europe’s evolving digital economy by embracing structured, transparent, and secure frameworks. For startups and established companies alike, aligning with MiCA in Spain is not merely about legal adherence—it’s about innovation with integrity.

By securing a CASP license and fulfilling all compliance requirements, firms can build investor trust, scale across Europe, and contribute to a stable and competitive financial ecosystem. As MiCA reshapes the future of digital assets, Spain’s readiness to comply will determine its standing on the EU’s crypto frontier.

Manimama Law Firm offers tailored support for businesses navigating MiCA compliance in Spain. From initial incorporation to full CASP licensing, our legal experts help you unlock opportunities while meeting all regulatory expectations—securely, efficiently, and with complete peace of mind.

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