Spain has emerged as a key player in the global crypto asset and digital technology sphere. With 88 operational crypto startups as of 2020 and ranking 4th in the EU for crypto asset ownership, Spain offers a thriving environment for cryptocurrency businesses. This guide provides essential information on obtaining a crypto license in Spain, ensuring compliance with local regulations, and leveraging opportunities in this dynamic market.
Understanding the Spanish Crypto License
To operate a cryptocurrency business legally in Spain, you must:
- Register as a Virtual Asset Service Provider (VASP) with the Bank of Spain.
- Apply for a cryptocurrency exchange license.
Key Requirements for a Crypto License in Spain
- Legal Entity Registration: Establish a Sociedad Limitada (SL), Spain’s equivalent of an LLC.
- Physical Office: Rent or purchase office space in Spain.
- Business Plan: Develop a detailed strategy outlining your platforms, client acquisition, and protection measures.
- AML Compliance: Strictly adhere to Anti-Money Laundering (AML) regulations.
- Staffing: Hire experienced personnel, including an AML Officer.
- Bank Account: Open a corporate bank account with approval from the Central Bank of Spain.
👉 Learn more about VASP registration
Capabilities of a Licensed VASP in Spain
| Service | Description |
|---|---|
| Virtual Currency Exchange | Exchange crypto assets for fiat and vice versa. |
| Crypto Storage Services | Secure storage solutions for digital assets. |
| Investment Projects | Access to crypto-related investment opportunities. |
| Technology Integration | Develop and integrate secure transaction platforms. |
Step-by-Step Guide to Registering a Crypto Company in Spain
- Choose Your Company Type: Opt for Sociedad Limitada (SL) for cryptocurrency activities.
- Obtain a Company Name Certificate: Secure a unique name for your business.
Prepare Documentation:
- Corporate documents.
- AML/CTF guidelines.
- Risk analysis report.
- Notarize Documents: Legalize paperwork with a notary public.
- Register with the Commercial Register: Complete formal business registration.
- Acquire a Tax ID (NIF): Register with Spanish tax authorities.
👉 Explore crypto licensing options
Crypto Regulation and Taxation in Spain
Regulatory Overview
- Advertising Rules: Cryptocurrency ads require 10-day advance notice to the CNMV (Spanish stock market regulator).
- AML Compliance: Mandatory VASP registration under Royal Decree 7/2021.
- Legal Status: Crypto assets are not recognized as legal tender (euro remains the national currency).
Taxation of Cryptocurrencies
| Income Range | Tax Rate |
|---|---|
| < €6,000 | 19% |
| €6,000–€50,000 | 21% |
| > €50,000 | 23% |
- Mining: Subject to taxation; miners must register with tax authorities.
- Dividends: 19% flat rate for non-residents.
FAQs About Spain’s Crypto License
How do I obtain a VASP license in Spain?
Register with the SCB, form an SL, and apply through the Bank of Spain.
What is the cost of a crypto license in Spain?
Expect to pay €15,000–€20,000, depending on business complexity.
Is cryptocurrency regulated in Spain?
While no specific crypto law exists, AML policies and advertising rules apply.
How are crypto profits taxed in Spain?
Rates range from 19% to 23%, based on income brackets.
What are the steps to open a crypto company in Spain?
Choose an SL structure, register the business, and obtain a tax ID.
Conclusion
Spain’s progressive stance on crypto assets makes it an attractive destination for blockchain entrepreneurs. By following regulatory requirements and leveraging local expertise, businesses can successfully navigate the licensing process and operate compliantly in this vibrant market.