SPAIN Law and Practice Contributed by: Alfonso López-Ibor Aliño, Olivia López-Ibor Jaume and Victoria Moreno Motilva, López-Ibor Abogados
ance and investor protection. Certain use cases, such as regulated tokenisation of financial assets and infra- structure solutions, are generally encouraged, while speculative or non-compliant crypto offerings face stricter scrutiny. Blockchain technology itself, when used without crypto-assets, is not subject to a specific regulatory regime in Spain and is treated as a neutral enabling technology. However, its use is indirectly governed by existing legal frameworks, including data protection rules under the GDPR. In this context, the right to erasure may create practical frictions due to the inher- ent immutability of blockchain systems, which has led to a market practice of avoiding the on-chain stor- age of personal data and relying instead on off-chain solutions or pseudonymisation techniques to ensure compliance. Regulated firms using blockchain-based infrastructures or third-party DLT service providers remain responsible for compliance with applicable outsourcing, operational resilience, governance, and supervisory requirements, particularly under DORA and existing financial sector outsourcing guidance. From a data protection perspective, blockchain- based products and services must comply with the General Data Protection Regulation (GDPR) and the Spanish Organic Law 3/2018 on Data Protection and Digital Rights. 1.1.4 Smart Contracts Smart contracts are not specifically regulated under Spanish law; however, they may be legally enforceable provided that they satisfy the general requirements for the formation of a valid contract under the Spanish Civil Code, namely valid consent between the parties, a lawful object, and a lawful cause. Their enforceability does not depend on the techno- logical form in which they are implemented. Span- ish contract law is generally based on the principle of freedom of form, meaning that a smart contract may be considered binding where it clearly reflects the parties’ intention to be legally bound, even if its execution is automated through code. In this regard, Law 34/2002 on Information Society Services and Law 6/2020 on Electronic Signatures provide a sup-
portive framework for the validity and evidential value of electronically concluded agreements. In practice, smart contracts are more likely to be enforceable where the contractual terms are suffi- ciently clear, the parties can be properly identified, and the code accurately reflects the underlying legal agreement. Particular legal and practical challenges may arise where the execution of the code produc- es unintended outcomes, where there is divergence between the coded logic and accompanying con- tractual documentation, or where the arrangement involves decentralised or pseudonymous participants. Additional considerations may also arise in regulated sectors, consumer relationships, and contexts requir- ing mandatory formalities under Spanish law. Overall, while Spanish law does not present structur- al obstacles to the enforceability of smart contracts, legal certainty in practice depends heavily on the qual- ity of the drafting and the alignment between code and contractual intent. 1.1.5 Industry and Trade Bodies There are several industry associations and non-profit consortia in Spain representing stakeholders in the blockchain and digital asset ecosystem. One of the most prominent is Alastria, a non-profit, multi-sector consortium composed of financial institu- tions, energy companies, telecommunications firms, universities, and public entities. Its objective is to pro- mote the development of distributed ledger technol- ogy and facilitate its adoption across different sec- tors. Alastria also participates in policy discussions and engages with public authorities on topics such as blockchain infrastructure and digital identity. The Asociación Española de Fintech e Insurtech (AEFI) also plays a relevant role through initiatives focused on digital assets, tokenisation, and blockchain tech- nology, with the objective of fostering innovation and contributing to discussions on the development of a suitable regulatory framework within the financial sec- tor. The role of these organisations is primarily consulta- tive and representational rather than regulatory. They
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