Blockchain regulation in Spain and the tokenization of assets is advancing at an accelerated pace, but the real driving force behind its global development is the existence of a clear, coherent and innovation-friendly legal framework that generates legal certainty, boosts competitiveness and facilitates technological adoption by companies and institutions.
Some countries have already established themselves as regulatory benchmarks, establishing specific rules for cryptoassets, DLT infrastructures and token issuance with legal backing. In this article we show you relevant information about blockchain regulation in Spain, which you can use as a guide if you are looking to operate internationally or evaluate different strategic locations.
Current legislation on blockchain and virtual assets in Spain
MiCA Regulation (Markets in Crypto-Assets Regulation)
MiCA establishes the EU’s first comprehensive legal framework for regulating cryptoasset issuers and service providers (CASPs). It covers stablecoins, utility tokens, electronic money tokens (EMTs), asset referenced tokens (ARTs), and custody or exchange platforms. Requires prior authorization, governance requirements, solvency, transparency, and user protection.
MiFID II (Markets in Financial Instruments Directive II)
European Directive that regulates the markets of traditional financial instruments and also applies to cryptoassets considered as financial instruments (e.g. security tokens). It establishes rules on transparency, investor protection, advisory services, order execution and prudential requirements for investment firms.
Law 6/2023, of March 17, 23, on Securities Markets and Investment Services
Spanish regulation that adapts MiFID II and updates the national financial supervision regime. Strengthens the role of the CNMV, also with respect to cryptoassets not considered financial instruments. Improves the regulation of investment services, investor protection and market integrity in Spain.
Cryptoassets Sandbox and DLT Pilot Regime in Spain.
Spain has a pioneering financial sandbox in Europe since 2021. Managed by the Treasury and supervised by CNMV, Bank of Spain and other agencies, this environment allows testing blockchain products and services in real but controlled conditions. It is a key resource for startups and companies that want to legally innovate with DLT technology without assuming all the initial regulatory risks.
Tokenization makes it possible to digitally represent real-world assets through blockchain, but for it to have legal value, it is essential that there is a regulatory framework that recognizes this operation. Spain adopts its own approach, establishing specific rules for the issuance, custody or trading of tokens. In this block we explain how asset tokenization is regulated from a legal point of view, taking an advanced jurisdiction such as Spain as an example.
Regulation of asset tokenization in Spain
Asset tokenization in Spain is in a robust and constantly evolving regulatory environment, adapted to the specific nature of each type of token. When tokens represent financial instruments, such as stocks, bonds or fund shares, the Securities Market Law and MiFID II regulations apply, thus ensuring investor protection and transparency in the markets. For other assets, such as utility tokens, the MiCA (Markets in Crypto-Assets) Regulation establishes from 2025 a harmonized regulatory framework across the European Union, requiring transparency requirements, consumer protection and enhanced supervision by the CNMV and ESMA.
Blockchain regulation in Spain has been a pioneer in the experimentation and development of infrastructures based on distributed log technology (DLT), actively participating in pilot projects and regulatory sandboxes promoted at both national and European level. These initiatives have allowed companies and financial institutions to test innovative solutions under the supervision of regulators, identifying legal barriers and facilitating regulatory adaptation. The European Blockchain Regulatory Sandbox, promoted by the European Commission, has been key to fostering legal certainty and dialogue between regulators and companies in the sector.
A central element in this ecosystem is the Entity Responsible for Registration and Record Keeping (ERIR), a figure regulated by the Securities Markets and Investment Services Law (LMVSI). The ERIR, which must be a financial institution authorized by the CNMV, is responsible for the registration and recording of tokenized tradable securities (security tokens) in DLT infrastructures. Its functions include guaranteeing the integrity and immutability of the issues, identifying the holders of the rights, managing corporate events and responding to possible damages resulting from inaccuracies or delays in the registrations. This figure reinforces the legal security and traceability of operations, putting tokenization on a par with traditional methods of registration and custody.
The recent designation of the first ERIR in Spain by the CNMV marks a milestone in the financial industry, enabling the development and effective supervision of tokenized securities issues. This development, together with the implementation of MiCA and active participation in regulatory sandboxes, positions Spain as an attractive and reliable jurisdiction for the development of tokenization projects in Europe, offering a clear legal framework, investor protection and proactive supervision of digital markets.
Comisión Nacional del Mercado de Valores (CNMV) (National Securities Market Commission)
The National Securities Market Commission regulates digital assets considered financial securities, such as security tokens (STOs). In addition, it is the designated authority to supervise CASPs (cryptoasset service providers) under MiCA. It also regulates the advertising of cryptoassets, requires transparency in issuances and sanctions unauthorized activities.
Bank of Spain
The Bank of Spain regulates cryptocurrency service providers under the anti-money laundering approach. It supervises issuers of stablecoins (EMT and ART) and managed the mandatory registration until 2025. It also actively participates in the testing of the digital euro within the Eurosystem.
ERIR
The Entity Responsible for Registration and Registration has become a key figure for blockchain regulation in Spain. It is regulated by the LMVSI to manage the issuance and registration of negotiable securities represented in blockchain. It guarantees the integrity of the records, identifies the holders, and manages real rights over the tokenized assets. It must be appointed by the issuer and be authorized by the CNMV, and may be a securities company or agency, or credit institution. To date, only Ursus Capital 3 is authorized as an ERIR and its role is key to provide legal certainty to the tokenized asset markets in Spain.
Launching a business based on digital assets requires more than just technology: it is also necessary to comply with legal requirements such as licensing, registration and regulatory obligations. These conditions ensure that the business model is viable and sustainable over time, and that it meets transparency and fraud prevention standards. In this section we explore what licenses are usually required and what compliance criteria blockchain companies operating in Spain must follow.
What licenses and requirements are needed to operate with cryptoassets in Spain?
CASP License (MiCA)
CASP licensing is mandatory under the MiCA Regulation for exchanges, custodians and issuers of ART and EMT tokens operating in Spain or the EU. The license must be obtained from the CNMV or the corresponding authority of another member state and involves capital, governance, user protection and technical security requirements. Until then, those registered with the Bank of Spain will be able to operate on a transitional basis, notifying the CNMV.
Registration with the CNMV
It used to be mandatory for virtual currency exchange and electronic wallet custody service providers to register with the Bank of Spain (BdE), but now the authorization and supervision of crypto-asset service providers in Spain has been transferred to the CNMV.
License as an Investment Services Firm (ESI)
If the cryptoassets you work with are considered financial instruments, such as security tokens, you need to comply with MiFID II regulations. This involves obtaining a license as an investment services firm (ESI), being under the supervision of the CNMV and complying with strict obligations of transparency, client conduct, solvency and investor protection.
AML/KYC Compliance
AML/KYC obligations are mandatory. They include customer identity verification, money laundering prevention policies, risk analysis, and suspicious transaction reporting to SEPBLAC. These measures ensure traceability of funds in the crypto ecosystem.
Other regulatory requirements
Companies wishing to comply with blockchain regulation in Spain must comply with the DORA Regulation, in addition to minimum capital requirements and annual technical audits. DORA requires ICT risk management systems, cybersecurity, business continuity and periodic digital resilience testing. It also mandates oversight of external technology providers and staff training in digital security. Compliance with DORA is mandatory to maintain the MiCA license.
Are you exploring developing your blockchain project in Spain?
At Metlabs we help companies like yours and offer comprehensive support in the development of blockchain projects and tokenization of assets such as real estate, carbon credits, commodities, intellectual property, financial instruments, franchises and more, fully aligned with blockchain regulation in Spain and international regulatory standards.
Contact us and find out how we can help you meeting all your business model needs, from technical validation and structuring to design, development and implementation of custom blockchain solutions, ready to scale from day one.