Crypto License in Spain - How to obtain a VASP licence in Spain

Spain is actively introducing crypto-technologies into everyday life. The country is among the leaders in installed Bitcoin ATMs (more than 275). In this jurisdiction, there is no specifically adopted legislation for regulating virtual currencies, but there are clear rules for obtaining a VASP license and conducting further activities. According to Law 10/2010 of April 28th on the Prevention of Money Laundering and Terrorist Financing, all virtual currency service providers (VASPs) must be registered with the Central Bank of Spain (SCB). More than 80 companies have already been registered since 2022. One of the most stringent requirements of the Regulator is the fulfillment of all AML/CFT regulations by crypto-businesses.

In Spain, virtual currencies are equated to financial assets (like shares) and mining is an economic activity, which means tax liabilities for companies and individuals. Although virtual currencies are not considered legal tender, they are similar to securities, property or goods and are regulated by the provisions of: Law 6/2023 of March 17 on Securities Markets and Investment Services (LMV), Law 28/2022 of December 21 on Startups and the Code of Commerce.

Spain intends to implement the Crypto Asset Markets Regulation (MiCA) of 2022 by 2025. The EU, through this Regulation, intends to create a single standardized system for all members of the union. During the transition period, the Central Bank regulates the crypto market and the issuance of crypto licenses in Spain based on the already adopted legislation.

Advantages of obtaining a cryptocurrency license in Spain

Multivariability of VASP-license.
One license from the central bank allows you to carry out: exchange crypto for crypto/fiat, conduct transactions, invest, and provide custodial services.

Access to the European banking system.
Cryptocurrency companies are friendly here, but only if a Cryptocurrency license in Spain is obtained. Some of the largest banks that make payments in cryptocurrency and are in the top 10 are Banco BBVA, Banco Sabadell, and Bankia.

IT business support.
Spain has created a lot of incubators, funds, and preferential programs for business development using, among other things, distributed ledger technologies (DLT).

New markets. In addition to the fact that the legalization of business in this jurisdiction allows business to develop in the Eurozone, it also opens the way to the countries of North Africa and Latin America.

Request more info about the Crypto License in Spain

Requirements for obtaining a cryptocurrency license in Spain

European legislation is aimed at protecting investors, reducing risks, and creating a transparent market. In case of conducting crypto activities without obtaining a license, the company is fined EUR 10 million. SCB considers the applicant’s documents for 3 months, but if incomplete information is provided, the term can be extended.

To approve an application for a Cryptocurrency exchange license in Spain, the licensee must meet several conditions:

Submission of the application.
The application is submitted online through the Electronic Registry of the Bank of Spain

Registration of a legal entity.
It is necessary to register a legal entity in the Commercial Register, usually registered for crypto activities – SL – Limited Liability Company.

Local office.
The obligatory criterion is the presence of a local office, it can be a rented premises

Reputation of beneficiaries.
It is necessary to confirm the business reputation of all shareholders, the absence of criminal record, and experience in financial markets.

AML/CFT procedures.
EU legislation seeks to minimize risks, so all cryptocurrency companies are required to comply with and implement AML/CFT rules. This includes having an AML specialist in the organizational structure. Comply with EU Regulation 2023/1113 of May 31, 2023, and EU Directive 2015/849 of June 9, 2023, for crypto payments.

Business Plan.
The description of the business activities of the company should include the sources of profit, the structure of the company, and its activities.

Account.
A crypto company needs to open a bank account to conduct its business. In Spain, some banks are among the leaders of the world financial sphere.

Procedure for obtaining a cryptocurrency license registration in Spain

Obtaining a Spain Crypto License involves a process consisting of several steps:

Registration in the Commercial Register

The company must be listed in the Commercial Register, register an NIF, and open a bank account.

Collection of all documents

Before applying, it is necessary to fully collect a package of documents, as deficiencies in the registration can lead to a delay in the issuance of a license.

It is obligatory to provide:

A written plan of future crypto activity
Founding documents, data on shareholders and their reputation, confirm the necessary qualifications of the main managers.
Documents confirming the availability of a local office (ownership or lease)
AML/CFT procedures and measures

Applying to SCB

To apply for a VASP license online, the Electronic Registry of the Bank of Spain has been developed.

Receive a decision

SCB has 3 months to analyze all the information from the cryptocurrency company, if any deficiencies are found, the review is suspended until they are corrected.

Crypto license consultant in Spain

Сonsultant

Alina Skidan

Phone +6531596549
Email a.skidan@fastoffshorelicenses.com
Position
Associate, Consultant

Setting up a cryptocurrency company in Spain

Spain is a supporter of attracting foreign capital, so it is open and supports the registration of new organizations in every possible way. Here there are no separate rules for non-residents, all are subject to the same standards. Also, there are no restrictions on non-resident ownership of the company. The only condition for non-residents is to obtain a tax identification number (NIE). The registration process in Spain is quite fast and takes up to one month.

Determining the legal form

For the crypto sector, it is common to register Sociedad Limitada (SL), which is equivalent to LTD. Initial capital from EUR 3000, there are no requirements for the number of shareholders.

Selection of the name

After choosing a name for the company, it must be registered in the Central Commercial Register.

Document package

The list of documents includes:

Articles of Association, agreements, protocols, certificates
A business plan with a detailed description of the company structure, its further activities, profit generation
AML/CFT procedures
Measures for risk management, work with illicit enrichment, identification of risky operations

The documents must be notarized and translated into Spanish.

Registration with the Mercantile Registry

The cryptocurrency company must be registered in the Mercantile Registry (Registro Mercantil).

Obtain a taxpayer number (NIF)

To operate legally in this zone, every company gets an NIF. Spain has signed more than 80 double taxation treaties.

Corporate Account

More than 150 banks are operating here, several of which are leading European banks. But, only if you have a license you can easily open an account to work with cryptocurrencies.

License from SCB

VASP license in Spain is the legalization of activity in this jurisdiction and the ability to work with new markets.

Required documents for obtaining a crypto license in Spain

Crypto businesses need to submit such data to be listed in the SCB registry:

Application
Corporate documents: incorporation documents, identification data of directors and shareholders, as well as certificates of criminal record, proof of work experience
Company registration number with the Tax Service – NIF
AML/CFT and KYC procedures
Measures for risk analysis, determination of the type of operation, KYC procedures
Business plan, which will describe the company’s crypto business activities, its target customers and markets, organizational structure, marketing activities, and methods of profit generation.

Regulation of Cryptocurrencies in Spain

In Spain, cryptocurrencies are not granted the status of a means of payment, only the euro is considered a currency under Law 46/1998. Virtual currencies are equated with securities, property or goods and regulated by: Law 6/2023 of March 17 on Securities Markets and Investment Services (LMV), the Code of Commerce, Law 10/2010 of April 28 on the Prevention of Money Laundering and Terrorist Financing.

Advertising about cryptocurrencies is based on Article 247 on Securities Markets and Investment Services (LMV).

When the Markets in Crypto Assets Regulation (MiCA) is implemented in 2025, Spanish legislation may be supplemented with new regulations.

EU legislation also includes:

EU Directive 2018/1673 on anti-money laundering [AMLD 6];
Directive 2014/65/EU on markets in financial instruments

From 2024, it is necessary to declare the existence of virtual currencies and the conduct of transactions with them, according to Royal Decree 249/2023 of April 4.

Taxation of cryptocurrencies in Spain

Cryptocurrencies are equated with the possession of financial assets and therefore the need to pay taxes. From 2019 in Spain, it is mandatory to disclose information about crypto-assets and transactions, based on the provisions of the Law on Measures to Prevent Tax Fraud. Mining is equated to a commercial activity with registration with the Tax Office and payment of state fees.

Companies are subject to corporate income tax – 25% (paid once a year), VAT – 21%, and dividend tax – 19%. There is also the possibility of reducing corporate tax in the economic zone of the Canary Islands.

Income received from crypto operations is taxed:
– up to EUR 6 00 tax -19%.
– from EUR 6,000 to EUR 50,000, tax – 21 %.
– more than EUR 50 000 tax – 23%.

FAQ about cryptocurrency license in Spain

How to get a VASP license in Spain?

The Central Bank of Spain (SCB) must enter the applicant in the register based on the documents submitted.

How to apply for a VASP license in Spain?

To submit an online application, the Electronic Registry of the Bank of Spain has been developed. Within 3 months, the Regulator analyzes the documents to ensure compliance with all regulations.

How much does a cryptocurrency license in Spain cost?

There is no state fee to apply, but there are associated costs from depositing the initial capital, notary certification of documents to opening a bank account.

Is cryptocurrency regulated in Spain?

Although there is no legislation specifically for virtual currencies, the EU regulatory framework is in place here with strict market regulation and implementation of AML/CFT procedures. There are also changes to local legislation regarding the securities market and the Tax System.