Spain: crypto and stablecoin regulation (as of 1 November 2026)

As of 2026-11-01

Spain applies the EU's Markets in Crypto-Assets Regulation (MiCA), described on the European Union page. National rules, including the authorities' powers, are in Ley 6/2023 on securities markets and investment services. The Comisión Nacional del Mercado de Valores (CNMV) is the competent authority for supervising MiCA compliance, and the Banco de España supervises, inspects and sanctions the MiCA obligations of issuers of e-money tokens (EMTs) and asset-referenced tokens (ARTs). Since 1 July 2026 only providers authorised by the CNMV or other European authorities may operate in Spain.

This page states what the official sources say. It is not legal advice.

Status as of 1 November 2026

Status	Rule	Since / from	Source
In force	Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión, published in the BOE on 18 March 2023.	7 April 2023	BOE
In force	MiCA rules on asset-referenced tokens (fichas referenciadas a activos) and e-money tokens (fichas de dinero electrónico) apply. For EMTs, no transitional period is provided.	30 June 2024	Banco de España
In force	The transitional period in Spain has ended. Only providers authorised by the CNMV or other European authorities may operate in Spain. The CNMV list of crypto-asset service providers (Proveedores de servicios de criptoactivos) showed 195 names on 1 November 2026; the page does not say which are authorised in Spain and which are passported, and for more information it refers to ESMA's register.	1 July 2026	CNMV, CNMV list
Repealed	CNMV Circular 1/2022 on the advertising of crypto-assets presented as investments, in force from 17 February 2022, was repealed with effect from 28 December 2024 by the sole article of CNMV Circular 1/2024 of 17 December 2024 (BOE-A-2024-27149).	28 December 2024	BOE, BOE
Not law	Draft CNMV Circular (proyecto de Circular) that extends the CNMV complaints procedure to claims arising from crypto-asset services; the CNMV put it to public hearing (audiencia pública) on 15 October 2026. Comments may be sent until 16 November 2026.	15 October 2026 (public hearing opened)	CNMV

Key rules

Who supervises. The CNMV is the competent authority for supervising MiCA compliance. The Banco de España supervises, inspects and sanctions the MiCA obligations of EMT and ART issuers, under additional provision 23 (disposición adicional vigesimotercera) of Ley 10/2014 on credit institutions. (CNMV, Banco de España)
Who may issue an e-money token. According to the Banco de España, since 30 June 2024 EMTs may be issued only by duly authorised credit institutions or e-money institutions that have published the white paper (libro blanco) after notifying the Banco de España. No transitional period is provided. (Banco de España)
Who may issue an asset-referenced token. As a rule, only legal persons authorised by the Banco de España, or credit institutions whose white paper the Banco de España has approved, may issue ARTs in Spain (MiCA Article 16(1)). (Banco de España)
Who may provide services. Since 1 July 2026 only providers authorised by the CNMV or other European authorities may operate in Spain. The CNMV says investors should not deal with entities that are not authorised, as they will not have the protection and supervision mechanisms that MiCA offers. (CNMV)
Transitional regime. Persons in the Banco de España register on 30 December 2024 could continue to provide the same services without applying for authorisation until 1 July 2026, or until the date their registration as a MiCA crypto-asset service provider was refused, if earlier. (CNMV)
Former Banco de España register. According to the CNMV, the Banco de España register of virtual-asset providers stays for information purposes from 30 December 2024, and no more persons may be entered in it. (CNMV)
Advertising (statute). The CNMV may subject the advertising of crypto-assets and other assets presented as investments to authorisation or other forms of administrative control, including risk warnings. (BOE)
Advertising (CNMV Circular 1/2022, repealed). From 17 February 2022 until its repeal with effect from 28 December 2024, the Circular required advertising of crypto-assets to be clear, balanced, impartial and not misleading. It defined a mass advertising campaign (campaña publicitaria masiva) as one aimed at more than 100,000 people and made such campaigns subject to prior notification to the CNMV. (BOE)
Complaints. The CNMV put a draft Circular to public hearing on 15 October 2026; it would extend its complaints procedure to claims arising from crypto-asset services. Comments may be sent until 16 November 2026. (CNMV)

Timeline

Date	Event	Source
17 January 2022	CNMV Circular 1/2022 on crypto-asset advertising published in the BOE (BOE núm. 14)	BOE
17 February 2022	CNMV Circular 1/2022 in force	BOE
18 March 2023	Ley 6/2023 published in the BOE (BOE núm. 66)	BOE
7 April 2023	Ley 6/2023 in force	BOE
30 June 2024	MiCA rules on ARTs and EMTs apply	Banco de España
10 July 2024	Banco de España note on the issuance of ARTs and EMTs under MiCA	Banco de España
28 December 2024	CNMV Circular 1/2022 repealed by CNMV Circular 1/2024 of 17 December 2024 (BOE-A-2024-27149)	BOE, BOE
30 December 2024	The Banco de España virtual-asset register stays for information only; persons registered on this date could continue their services until 1 July 2026 at the latest	CNMV
1 July 2026	End of the transitional period in Spain	CNMV
15 October 2026	CNMV puts the draft complaints Circular to public hearing	CNMV
1 November 2026	CNMV provider list shows 195 names	CNMV list
16 November 2026	Deadline for comments on the draft complaints Circular	CNMV

Not covered here

The sources this page uses do not state a Banco de España register or count of EMT and ART issuers authorised in Spain, which of the 195 names on the CNMV list are authorised in Spain and which are passported (they are not split here), or the final text of the draft complaints Circular. The CNMV statement on the end of the MiCA transitional periods (Declaración sobre el fin de los periodos transitorios en virtud de MiCA) and the former Banco de España register itself were not read for this page.

Sources

Updated: 2026-11-01 · Markdown version