Spain, a key player in the Eurozone, has established a robust regulatory framework for cryptocurrency services under the Markets in Crypto-Assets Regulation (MiCA). The Bank of Spain and the National Securities Market Commission (CNMV) oversee the issuance of Crypto-Asset Service Provider (CASP) licenses, ensuring compliance with EU-wide standards.
CASP Licensing Regulations in Spain
Key Authorities
- CNMV: Supervises investor-facing services (e.g., trading, custody).
- Bank of Spain: Oversees payment-related crypto services.
Requirements
- Entity Type: Must be a Spanish-registered company (e.g., Sociedad Limitada).
Share Capital:
- Class 1 (Limited CASP): €50,000
- Class 2 (Standard CASP): €125,000
- Class 3 (Full CASP): €150,000
- Leadership: Appoint an EU-resident director with relevant expertise.
- AML/KYC: Implement stringent policies aligned with MiCA and Spanish law.
👉 Explore CASP licensing options
Types of CASP Licenses
| License Class | Services Covered | Capital Requirement |
|-------------------|------------------------------------------|-------------------------|
| Class 1 | Custody, order execution, basic advice | €50,000 |
| Class 2 | Trading, asset management, exchanges | €125,000 |
| Class 3 | Crypto lending, platform operations | €150,000 |
Application Process
Step-by-Step Roadmap
- Company Formation (1–2 weeks): Register with Registro Mercantil.
- Regulatory Meeting: Present business model to CNMV/Bank of Spain.
- Documentation: Submit AML policies, business plan, and capital proof.
- Review & Approval (3–5 months).
Required Documents
- Notarized Power of Attorney (PoA)
- AML/KYC policy manual
- Business plan with financial projections
Advantages of a Spanish CASP License
- Remote Process: No physical presence required.
- EU Market Access: Operate across 27 EU countries under MiCA.
- Flexible Staffing: AML officers can be based anywhere in the EU.
- No License Caps: Unlimited CASP licenses issued.
FAQs
1. Can foreigners apply?
Yes, but directors must be EU residents.
2. How long does licensing take?
3–5 months post-submission.
3. Is a physical office mandatory?
No, but a legal Spanish address is required.
4. What’s the cost?
- Initial Setup: ~€18,000 (includes company registration and basic compliance).
- Advanced Compliance: Custom pricing for tailored policies.
Key Resources
For tailored guidance on CASP licensing, consult experts familiar with Spain’s regulatory landscape.
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