Crypto in Spain

Spain regulates crypto assets under the supervision of the Comisión Nacional del Mercado de Valores (CNMV) and the Banco de España. The primary framework is Law 6/2023, enacted on March 17, 2023, which introduced a comprehensive licensing regime for crypto asset service providers (CASPs), aligning with the EU's Markets in Crypto-Assets (MiCA) regulation. MiCA became fully applicable on December 30, 2024, requiring CASPs to obtain authorization to operate across the EU. The CNMV maintains a public register of authorized CASPs; as of January 2025, 12 entities are registered, including major exchanges like Bit2Me and Coinbase. The Banco de España oversees anti-money laundering (AML) compliance under Law 10/2010, with crypto firms required to register with the Bank's AML registry. In 2021, the CNMV issued Circular 1/2021, setting advertising rules for crypto assets, mandating risk warnings. Spain has not classified crypto as legal tender, but it is legal for investment and payment. The Digital Euro, currently in ECB research phase, may influence future monetary policy but is not yet legislated.

Spain taxes cryptocurrency gains as capital income under the Personal Income Tax Law (Ley 35/2006). Capital gains from crypto sales are taxed at progressive rates: 19% for gains up to €6,000, 21% for €6,000–€50,000, 23% for €50,000–€200,000, 27% for €200,000–€300,000, and 28% above €300,000. These rates apply to the difference between acquisition and sale value. Crypto-to-crypto exchanges are taxable events, with gains calculated based on fair market value. Losses can offset gains from similar assets. Since January 1, 2023, Spanish residents must declare crypto holdings abroad using Form 721 if balances exceed €50,000, due by March 31 each year. The Tax Agency (Agencia Tributaria) has intensified tracking: since 2021, it requires domestic crypto exchanges to report client balances and transactions annually. In 2022, the agency sent over 300,000 notifications to taxpayers with crypto activity. Non-compliance penalties range from 50% to 150% of unpaid taxes, plus interest. Wealth tax also applies to crypto holdings exceeding €700,000 in some regions.

Spain has over 2 million crypto users, representing approximately 4.2% of the population, according to a 2024 report by the CNMV and Banco de España. Retail adoption is concentrated in major cities: Madrid, Barcelona, and Valencia account for 60% of crypto activity. A 2024 survey by the European Central Bank found that 12% of Spanish respondents owned crypto, above the eurozone average of 9%. Institutional interest is rising: in 2023, Spanish bank BBVA launched a crypto custody service for retail clients in Switzerland, and Santander expanded its digital asset division. Crypto ATMs number over 300, the highest in Southern Europe, operated by Bit2Me and others. Use cases include remittances, with Spain being a corridor for Latin American transfers; in 2023, crypto remittances to Colombia and Venezuela grew by 40%. Merchant adoption remains limited, but Bit2Me partnered with over 1,000 merchants in 2024. The CNMV approved the first crypto ETP in 2023, listed on the Madrid Stock Exchange.