Country Manual Cryptos Overview
Spain
BRP has updated its Country Manual Cryptos Overview for
Spain (Def, RS, BT & RT)
| Source of changes | Answers |
|---|---|
| Law / Regulation | Yes |
| New Position of the Authorities | Yes |
| Evolution of Expert’s Interpretation | No |
Regulatory Template, Regulatory Summary and Behaviour Template
The Cryptos Overview has been reviewed to ensure that the content of all the documents remains accurate and up to date.
Regulatory Changes
The Regulation on Crypto Asset Markets (MiCA) entered into force on 29 June 2023, and the provisions on the issuance, public offering and admission to trading of stablecoins is applicable as of 30 June 2024. The remaining provisions on crypto services are now fully applicable from 30 December 2024.
With the introduction of the European regime, which is directly applicable in the Member States, there is a unified set of rules for payment and utility token. However, security tokens are excluded from the scope of application and will remain subject to the rules on financial products (MiFID II).
Furthermore, according to Art. 59 MiCA, no person may provide crypto-asset-related services within the EU unless it is a legal person or other entity authorized as a CASP by the competent authority of the home Member State. Consequently, only authorized CASPs may provide crypto-asset services in or into the EU.
Spain, in Article 251 of Law 6/2023 of 17 March 2023 on Securities Markets and Investment Services, has designated the CNMV and the Bank of Spain as the competent authorities for the implementation of MiCA.
Spain is one of the countries with a shortened transition period of 12 months (i.e. until 31 December 2025). Accordingly, all transitional arrangements for Spanish CASPs will end by that date and entities that do not qualify for the MiCA Article 60 exemption will be required to apply for a full CASP license through the CNMV. The CNMV’s publication of 23 July 2024 includes the full application form and process for licensing entities seeking to operate as a new CASP in Spain under MiCA.
Material changes
With the introduction of MiCA, payment tokens and utility tokens are subject to the same rules. The Behaviour Template (BT) has been updated accordingly.
ESMA has already issued position statements on MiCA, in particular in relation to “reverse solicitation”. These considerations have been analysed and incorporated into the updated documents.
Non-material changes
Some comments and content have been slightly reworded in the Cryptos Overview, without introducing substantive changes to reflect the regulatory situation/current interpretation of the regulatory framework more accurately.
For more information, please contact us: info@brpsa.com
Geneva, April 14th, 2025