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FinTechs belonging to this category offer financial services using crypto currencies. This category also includes FinTechs utilising blockchain and distributed ledger technologies (DLT) upon which Bitcoin and Ethereum are based, among others. FinTechs develop and do research in this field in order to create new services – e.g. crypto currency exchange markets, wallet providers, NFTs-related services, new payment services, "smart contracts" or new clearing and settling services.
Introduction
Attitude of the country towards financial services using crypto currencies
The Spanish government has been very cautious and conservative in regard to cryptocurrencies since Spanish law is highly protective of the rights of investors and consumers, and because during the recession, there were a large number of cases of financial and securities fraud.
On 8 February 2018 the Bank of Spain and the CNMV issued a joint communique about the perils of investing and dealing in cryptocurrencies and emphasizes that small investors should avoid these investments. The joint communique does not contain a normative definition of cryptocurrencies, although it describes accurately concepts like ICOs or '' by differentiating between 'security tokens' and 'utility tokens' using terms in Spanish which can be easily understood and are accessible.
On 9 February 2021 the Bank of Spain and the CNMV issued a new joint communique about cryptocurrencies insisting that they are not regulated and that they are a high-risk investment.
Legal affairs
Obligations and requirements to provide financial services using crypto currencies described above
Although cryptocurrencies are not recognized as legal tender in Spain—this status is reserved exclusively for the Euro—there is now a specific regulatory framework in place. Since 29 April 2021, all providers of virtual currency exchange and custody services must register with the Bank of Spain under Article 39 of Law 10/2010, as amended by Royal Decree-Law 7/2021.
Additionally, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) has been fully applicable in Spain since 30 December 2024. Crypto-asset service providers (CASPs) already registered with the Bank of Spain are allowed to operate under a transitional regime until 31 December 2025. After this date, they must be formally authorized by the CNMV, unless they qualify for simplified procedures under Article 60 of MiCA.
Throughout 2024 and 2025, the Bank of Spain has issued updated supervisory criteria and conducted inspections focused on anti-money laundering (AML) compliance and transparency. The CNMV and the Bank of Spain continue to coordinate their roles, with the CNMV acting as the primary authority for CASP licensing under MiCA, and the Bank of Spain overseeing issuers of e-money tokens and asset-referenced tokens.
Additional comments regarding the legal situation for financial services using crypto currencies or what FinTech’s must be aware of in this business area
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Economic conditions
Market size for financial services using crypto currencies and biggest companies in this business area