Spain's fintech sector is undergoing its most significant regulatory transformation since the digital finance market emerged. The full application of MiCA from December 2024, the approaching DAC8 automatic information exchange from 2026, and the maturation of the fiscal framework for digital assets have created an environment where regulatory excellence and tax compliance are non-negotiable for any fintech operating in the Spanish market.
MiCA: The New European Crypto Regulatory Order
The Markets in Crypto-Assets Regulation (MiCA, EU Regulation 2023/1114) establishes the first harmonised regulatory framework for crypto-assets in the European Union. After applying to stablecoins (e-money tokens and asset-referenced tokens) from June 2023, it entered fully into force for all crypto-asset services in December 2024.
Companies that issue crypto-assets or provide services on them — custody, exchange, advisory, portfolio management, placement — must obtain authorisation as a CASP (Crypto-Asset Service Provider). In Spain, authorisation is granted by the Banco de España (custody and administration) or the CNMV (advisory, portfolio management and placement). The application requires:
- Minimum capital of €50,000 to €150,000 depending on service category (Art. 62 MiCA)
- Detailed activity programme
- Governance structure and compliance function
- AML/KYC procedures adapted to crypto-assets
- Conflict of interest policies and client protection measures
The authorisation process takes up to three months from complete submission. Companies operating before MiCA entered into force have a transitional period until 1 July 2026 (Art. 143 MiCA), after which activity without authorisation constitutes a very serious infringement.
Payment Services: PSD3 and the PSR
The payment services framework is also evolving. The proposed PSD3 and the accompanying Payment Services Regulation (PSR), presented by the European Commission in June 2023, will reshape the market for payment institutions (PIs) and electronic money institutions (EMIs). Key changes include:
- Enhanced open banking access for licensed payment institutions
- Harmonised fraud liability and strong customer authentication rules
- Updated licensing conditions for EMIs and PIs
- Integration with MiCA for e-money token issuers
Spanish PIs and EMIs should monitor the PSD3 transposition timeline (expected 2025-2026) and begin gap analysis against the PSR requirements.
Crypto-Asset Taxation: IRPF, Corporate Tax, and Reporting
IRPF — Individual Investors
Gains and losses from crypto-asset disposals are integrated into the savings base of IRPF (Art. 37.1.b Law 35/2006). Current rates:
| Net gain | Rate |
|---|---|
| Up to €6,000 | 19% |
| €6,001 – €50,000 | 21% |
| €50,001 – €200,000 | 23% |
| €200,001 – €300,000 | 27% |
| Above €300,000 | 28% |
Inter-asset swaps (e.g., BTC for ETH) also constitute a taxable disposal at the moment of exchange, as confirmed by the Directorate General of Taxation (DGT) in binding rulings V1602-21 and V2225-23. Acquisition cost is calculated in euros at the exchange rate on the purchase date using the mandatory FIFO method.
Staking and lending income is generally classified as capital income (Art. 25.2 LIRPF) in the savings base, though the specific classification may vary depending on the protocol structure.
Corporate Tax — Companies Holding Crypto-Assets
Companies that hold crypto-assets on their balance sheet account for them under the ICAC Resolution of July 2022: as intangible assets at amortised cost (long-term holdings) or as financial assets held for trading (short-term). Value changes are recognised in the income statement, generating taxable bases under the Corporate Income Tax at the general rate of 25%.
Fintech startups developing proprietary technology — credit scoring algorithms, algorithmic trading engines, tokenisation systems — may qualify for the R&D&I deduction under Art. 35 LIS (25-42% of qualifying expenses), with the option to monetise unused credits through the advance payment mechanism under Art. 39.2 LIS.
Modelo 721: Foreign Crypto-Asset Declaration
From 2024, taxpayers with more than €50,000 in crypto-assets custodied outside Spain at 31 December must file Modelo 721 between 1 January and 31 March of the following year. Failure to file carries penalties of €5,000 per unreported item, minimum €10,000.
DAC8: The End of Information Opacity
DAC8 (Directive EU 2023/2226) extends automatic information exchange to crypto-assets, replicating the CRS model that already operates for bank accounts. From 1 January 2026:
- European exchanges and platforms report annually to their local tax authorities on their clients’ operations and balances (EU residents)
- Each tax authority automatically transmits that information to the AEAT for Spanish tax residents
- The AEAT cross-checks the received data with IRPF, Corporate Tax, Modelo 720, and Modelo 721 filings
In parallel, the OECD’s CARF (Crypto-Asset Reporting Framework) creates an equivalent mechanism for non-EU jurisdictions. Over 50 countries have committed to implementation for 2026-2027. Effective opacity for non-declaring investors closes almost entirely.
AML Compliance
Fintech entities are subject to Law 10/2010 on the prevention of money laundering, as amended by Law 4/2022. Crypto-asset service providers must register in the Banco de España’s special register before commencing activity and apply enhanced due diligence for high-risk operations.
The proposed EU AMLA Regulation will create the European Anti-Money Laundering Authority (Frankfurt), with direct supervisory powers over the highest-risk entities from 2026-2027. Fintechs that have not yet adapted their KYC and transaction monitoring procedures to current standards face SEPBLAC sanctions of up to 10% of annual turnover.
Recommendations for Fintech Companies
- MiCA: Assess whether activities require CASP authorisation and start the process at least 12 months before the July 2026 deadline.
- Tax compliance: Implement a crypto-asset tracking system that calculates gains under FIFO and generates the reports required for IRPF/Corporate Tax.
- Modelo 721: Verify annually whether the €50,000 threshold in foreign exchanges is exceeded, and file within the January-March window.
- DAC8 preparation: Ensure all prior tax years are correctly declared before automatic information exchange begins in 2026.
- R&D incentives: If developing proprietary technology, analyse qualifying expenses for the Art. 35 LIS deduction.
BMC advises fintech companies on tax planning, regulatory authorisation, and AML compliance. Learn about our crypto-asset tax services.
