SPAIN Law and Practice Contributed by: Alfonso López-Ibor Aliño, Olivia López-Ibor Jaume and Victoria Moreno Motilva, López-Ibor Abogados
The most prominent is Alastria, a non-profit, multi- sector consortium with over 500 members previously mentioned. Alastria focuses on promoting the devel- opment and adoption of distributed ledger technol- ogy (DLT), particularly in areas such as digital identity, interoperability, tokenisation, and blockchain infra- structure. Another relevant organisation is the Asociación Española de Fintech e Insurtech (AEFI), which repre- sents fintech and digital finance companies operat- ing in Spain, including participants active in crypto- assets, tokenisation, and blockchain-related services. Through its digital assets initiatives and working groups, AEFI contributes to discussions concerning the development of the regulatory framework applica- ble to crypto-assets and financial innovation. These organisations are primarily representational and consultative. They act as interlocutors between indus- try participants and public authorities – including the CNMV and the Bank of Spain – contributing to policy discussions on regulatory developments, promoting best practices, and supporting co-ordination within the sector. 2. Regulation 2.1 Regulators and International Alignment Several regulatory authorities are relevant to block- chain and crypto-asset activities in Spain, each cover- ing distinct aspects of supervision. The CNMV is the primary markets regulator and plays a central role within the MiCA framework in the authorisation and supervision of crypto-asset service providers (CASPs), with responsibility for investor pro- tection, market integrity, and the oversight of asset- referenced tokens. The Bank of Spain supervises pay- ment services and electronic money issuance and is the competent authority for issuers of e-money tokens under MiCA, while also contributing to financial sta- bility oversight. SEPBLAC is the primary AML/CFT supervisory authority, ensuring compliance with EU anti-money laundering rules applicable to crypto- asset activities. The Ministry of Economy, Trade and Business performs policy co-ordination functions,
including oversight of the regulatory sandbox frame- work. The Spanish Tax Authority (AEAT) supervises fiscal compliance and reporting obligations relating to crypto-assets, including Form 721 and the imple- mentation of DAC8. Spanish regulators have aligned closely with interna- tional standards, primarily through EU-level harmoni- sation. FATF recommendations on virtual assets are implemented through the EU AML framework. IOSCO principles on investor protection and market conduct are reflected in MiCA and the broader EU securities regime applied by the CNMV. BIS financial stability considerations are incorporated into the prudential elements of the EU regulatory architecture, particu- larly as implemented by the Bank of Spain. Overall, Spain’s engagement with these international bodies is channelled predominantly through EU institutions rather than direct national-level co-ordination. 2.2 Crypto-Asset Regulatory Frameworks Under MiCA, crypto-assets in Spain are classified into three principal categories: utility tokens, asset-refer- enced tokens (ARTs), and e-money tokens (EMTs). Crypto-assets that qualify as financial instruments under MiFID II fall outside the scope of MiCA and remain subject to the existing EU securities frame- work. NFTs are generally excluded unless they are fractionalised, functionally fungible, or otherwise exhibit characteristics bringing them within the scope of financial regulation. Spain does not have a standalone national crypto- asset regime. The primary framework is MiCA, which is directly applicable and governs the issuance, public offering, and provision of services relating to cryp- to-assets. Where crypto-assets qualify as financial instruments, the existing EU securities framework – including MiFID II – applies instead. Regulated activities under MiCA include custody and administration of crypto-assets, operation of trading platforms, exchange services between crypto-assets and fiat currency, execution of orders, placement, transfer services, and provision of advice on crypto- assets. These activities require authorisation by the relevant national competent authority, primarily the
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