SPAIN Law and Practice Contributed by: Alfonso López-Ibor Aliño, Olivia López-Ibor Jaume and Victoria Moreno Motilva, López-Ibor Abogados
act as interlocutors between industry participants and public authorities, including the Bank of Spain and the CNMV, contributing to policy discussions, promoting best practices, and supporting industry co-ordination. 1.2 Crypto-Assets 1.2.1 Property Considerations Spain does not recognise crypto-assets as a distinct category of property under statute. However, they are generally treated as digital assets with economic value, capable of being the object of ownership and protection under general civil and commercial law principles. In the absence of a specific proprietary regime, Spanish courts and doctrine typically rely on analogies with intangible or incorporeal assets. While control of private keys is a key indicator of fac- tual control over a crypto-asset, it does not in itself constitute legal title. Legal ownership depends on the underlying legal relationship between the parties, and may differ from on-chain control in cases involving theft, fraud, error, or defective consent. As a result, blockchain records are treated as strong evidentiary material but not as conclusive proof of ownership. Crypto-assets may be used in collateral arrange- ments, but their legal treatment is not fully harmo- nised. In certain structured transactions, they may potentially fall within the scope of the EU Financial Collateral Directive as implemented in Spain. How- ever, this qualification is not always straightforward and depends on how the collateral arrangement is structured and classified under Spanish implementa- tion rules. Where the Financial Collateral Directive does not apply, security interests must be structured under general Spanish civil and commercial law, which is less adapted to digital assets and can create enforce- ment and perfection challenges. 1.2.2 Access to Banking There are no explicit legal prohibitions in Spain restricting crypto-asset service providers (CASPs) from accessing general banking and payment ser- vices. In principle, such firms may open and main- tain accounts with traditional financial institutions and payment service providers.
However, access to banking services in practice remains a significant operational challenge for the sector. Credit institutions typically apply enhanced due diligence measures to CASPs, reflecting the heightened anti-money laundering (AML) and counter- terrorist financing (CFT) obligations under the Spanish implementation of the EU AML framework, as well as internal risk policies driven by reputational and com- pliance considerations. The entry into force of MiCA has introduced great- er regulatory clarity for CASPs operating in the EU, including authorisation and governance requirements that may contribute to improving their standing with financial institutions. Authorised CASPs may there- fore be better positioned to demonstrate regulatory compliance during onboarding processes, potentially facilitating access to payment accounts and banking services. Since 2021, Spain had required providers engaged in exchange between virtual and fiat currencies and custodian wallet providers to register with the Ban- co de España for AML/CFT purposes. This was an AML registration, not a prudential licence. Following the application of MiCA to CASPs on 30 December 2024, the Banco de España ceased new entries in that AML register and maintains it only for historical entries that may be relevant to MiCA’s transitional regime, as noted in the Bank’s institutional reporting and register information pages. That said, no general obligation exists under Span- ish or EU law requiring banks to provide services to CASPs, and financial institutions retain broad discre- tion to manage their own risk exposure. 1.2.3 ESG/Sustainable Finance Spain does not impose ESG or sustainable finance requirements directly on crypto-assets as a stan- dalone category. Instead, ESG obligations arise through the application of the broader EU sustainable finance framework. Under the Sustainable Finance Disclosure Regula- tion (SFDR) and the EU Taxonomy Regulation, finan- cial market participants are required to disclose how sustainability risks are integrated into investment
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