Name
Global FinTech Guide
Country _ Name
Spain
SectionTitle
Crowdfunding/crowdinvesting/crowdlending
Body
FinTechs belonging to this category operate crowdfunding, crowdinvesting and crowdlending platforms on which money is raised to invest in various projects, mainly start-up companies and real estate projects.

Crowdfunding is not a defined financial service, but generally used to describe donation-based crowdfunding (the investor donates the money to the project), reward-based crowdfunding (the investor receives an often symbolic consideration for his investment), equity-based crowdfunding (crowdinvesting: the investor participates in the profits of the financed project or acquires shares or debt instruments) or lending-based crowdfunding (crowdlending: the investor is reimbursed at the end of the project with or without interest).

Introduction

Attitude of the country towards crowdfunding, crowdinvesting and crowdlending platforms

Law 18/2022 adapted crowdfunding to EU Regulation 2020/1503.


Legal affairs

Obligations and requirements to provide crowdfunding, crowdinvesting and crowdlending platforms described above

Spanish Law
Law 18/2022 replaces the chapter of Law 5/2015 which regulates platforms to adapt its regulation to EU Regulation 2020/1503.

 Under this Regulation, the CNMV has exclusive powers to authorize, supervise, investigate, and sanction crowdfunding service providers operating under the harmonized EU regime. These platforms are entered into a specific CNMV registry.
There are now two regulatory regimes:

  • Harmonized platforms, fully subject to Regulation 2020/1503, may operate throughout the EU under a single license (EU passport).
  • Non-harmonized platforms, which fall outside the scope of the EU Regulation, can only provide services within Spain and are subject to national rules.
The official CNMV fee for the authorization of crowdfunding service providers is €312.18, with additional supervisory and registry fees depending on the entity's size and operations

Additional comments regarding the legal situation for crowdfunding, crowdinvesting and crowdlending platforms or what FinTech’s must be aware of in this business area

New regulation is very recent, and no developments have occurred yet.


Economic conditions

Market size for crowdfunding, crowdinvesting and crowdlending platforms and biggest companies in this business area

Currently there are 24 platforms registered at the CNMV.

There is no recent public data available on the market.

Additional comments regarding the economic situation for crowdfunding, crowdinvesting and crowdlending platforms or what FinTech’s must be aware of in this business area

N/A

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