Spain Tightens Crypto Regulations, BBVA Launches Trading Services

Spain is intensifying its regulatory framework for cryptocurrencies in 2025, aligning with global standards to create a transparent, secure, and highly regulated market. The government is providing clarity in regulations to mitigate crypto-related risks in the financial sector while fostering the growth of the fintech industry.

Banco Bilbao Vizcaya Argentaria (BBVA), a leading Spanish bank, launched crypto trading and custody services for retail customers in July 2025. This initiative, which includes Bitcoin and Ether, is accessible through mobile apps and is in line with the EU’s Market in Crypto Assets (MiCA) regulations, ensuring investor protection.

In June 2025, Spain implemented DAC8 crypto rules, which will be fully effective by 2026. These measures aim to reduce criminal activities in the crypto space. Additionally, the Spanish tax agency is now authorized to seize cryptocurrency holdings from users with tax debts, extending to other digital assets.

MiCA regulations became fully applicable across the EU, including Spain, in 2024. All crypto asset service providers (CASPs) operating in these countries are required to fully implement MiCA rules. Spain opted for a quicker timeline to fully transition to MiCA compliance, allowing existing CASPs to operate under current federal regulations while transitioning to MiCA compliance by December 31, 2025.

The Spanish government has taken a cautious and conservative stance on cryptocurrencies, emphasizing consumer protection and tax compliance. While cryptocurrencies are not recognized as legal tender, the government has taken several pro-crypto steps, such as rescheduling the MiCA compliance to be fully implemented by December 31, 2025, six months ahead of the original schedule.

In June 2025, the Spanish Guardia Civil, with support from law enforcement in the U.S., Estonia, and France, dismantled an international crypto fraud network that scammed over 5,000 victims across Europe and beyond. This action underscores the government's commitment to terminating criminality in the crypto space.

Any entity providing crypto asset services in Spain requires a CASP license from the Spanish National Securities Market Commission (CNMV). Companies seeking a CASP license must have a physical office in the country, a corporate bank account with financial clearance from the Central Bank of Spain, and a detailed business plan outlining strategy, platform use, client acquisition, and protection measures. Additionally, companies must adhere to strict anti-money laundering (AML), counter-terrorist financing (CFT), and know your customer (KYC) compliance, and only well-reputed companies with an AML officer for frequent compliance checking are eligible for a CASP license.

Under Article 33.1 of the Personal Income Tax Law, any change in a taxpayer’s net wealth is considered a capital gain. Reporting crypto returns by June 30 every year is mandated. Crypto tax events include the sale, swap, or payment using crypto, receiving crypto as income, such as salary, from mining, staking, DeFi, airdrops, etc., are subject to tax in Spain. Taxpayers must keep records of their tax returns and declare them properly every year to avoid significant fines or legal action.

The capital gains tax in Spain ranges from 19% to 28% depending on the income. Mining, staking, or crypto salaries are taxed as general income, from 24% to 47%. The wealth tax ranges from 0.2% to 3.75% if net wealth exceeds the region threshold of €700,000.

The capital gains tax brackets for 2025 are as follows: up to €6,000 is taxed at 19%, €6,001 to €50,000 at 21%, €50,001 to €200,000 at 23%, €200,001 to €300,000 at 27%, and above €300,000 at 28%.

Spain is already seeing a growth in the adoption rate, as the government has intensified the security measures for crypto. It currently ranks among the top five EU nations for blockchain adoption and is globally known as a popular fintech hub. The government is improving the regulations further to terminate the crypto fraud altogether in the country. So, from January 1, 2026, the entire landscape of cryptocurrency and other digital assets will change in Spain.