Stablecoin issuer / redeemer in Spain
Issues a fiat-pegged stablecoin to the public, operates redemption, and holds reserves backing the float.
Stablecoin issuer is conditionally permitted in Spain with a local entity, subject to AML obligations and high licensing burden.
Verdict Details
- Permitted
- conditional
- Local entity required
- Yes
- Licensing burden
- High
- Last updated
- 2026-07-13
AML Obligations
- CDD required when establishing business relationship, occasional transactions >€1,000, or on suspicion of ML/TF (Ley 10/2010, Royal Decree 304/2014)
- Identify and verify beneficial owners — 25%+1 share threshold (Ley 10/2010)
- Ongoing monitoring of transactions and periodic CDD updates (Ley 10/2010)
- Register as VASP/CASP with Banco de España (pre-MiCA via RD-Law 7/2021, Circular 2/2022) and obtain full MiCA CASP authorization for issuance/redeption
- File suspicious transaction reports (STRs) to SEPBLAC (Spain's FIU)
- Maintain records for at least 10 years (Ley 10/2010)
Key Restrictions
- Must obtain a MiCA authorization as a CASP for 'issuance of asset-referenced tokens' (ART) or 'e-money tokens' (EMT) — this is a high-burden license requiring own funds/insurance per Art. 67 MiCA
- Stablecoin issuer falls under MiCA Title III (ART) or Title IV (EMT); EMT issuers require e-money institution authorization under MiCA Art. 43
- Reserves backing the stablecoin must be segregated from own assets, held with third-party credit institutions, and subject to quarterly independent audit (MiCA Arts. 34-36 for ARTs; Art. 47 for EMTs)
- Mandatory redemption rights: holders must have a claim on reserves at any time, redeemable at par in fiat currency (MiCA Arts. 39-40 for ARTs; Art. 46 for EMTs)
- Foreign-issued stablecoins (non-EU) may be subject to restrictions; only EU-authorized ARTs/EMTs can be offered to the public in Spain
- CNMV mandatory risk warnings on all crypto marketing and advertising
Key Risks
- Regulatory ambiguity during the MiCA transitional period (pre- full implementation) — pre-MiCA registration with Banco de España may not be sufficient for issuance
- Tether USDT and other non-EU-compliant stablecoins face potential delisting/restriction risk as MiCA takes full effect
- Capital gains tax (19-28%) applies to holders — reporting obligations via Modelo 100 and Form 721 for overseas holdings creates administrative overhead
- Reserve composition and audit requirements under MiCA are prescriptive — non-compliance with segregation, custody, and quarterly audit rules carries enforcement risk
Evidence
This verdict synthesizes the following facts. Each fact links to its primary source(s).
MiCA Regulation (EU) (2023) — CASP authorization, comprehensive crypto regulation
CNMV — Securities market, crypto advertising regulation (mandatory risk warnings)
VASP: CASP authorization under MiCA via CNMV/Banco de Espana. 6-12 months. Relatively reasonable registration process — attracted crypto firms.
Ley 10/2010, de 28 de abril, de prevención del blanqueo de capitales y de la financiación del terrorismo (Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing).
Real Decreto-ley 7/2021, de 27 de abril (Royal Decree-Law 7/2021, of April 27): This specific decree transposed significant parts of the 5th AMLD, formally bringing VASPs under the scope of Law 10/2010 and establishing the requirement for their registration with the Bank of Spain.
Circular 2/2022 del Banco de España, de 23 de marzo (Circular 2/2022 of the Bank of Spain, of March 23): This circular specifically regulates the administrative registration of providers of virtual currency exchange services for fiat currency and electronic wallet custody services.
Identification and Verification of the Customer:
Identification and Verification of the Customer:
Evidence fact es.aml.identify-beneficial-owners-who-control-25-plus-one-share not found (may have been renamed).
Carrying out occasional transactions exceeding €1,000 (whether in a single transaction or several linked transactions).
Requirement: Under MiCA, providing "custody and administration of crypto-assets on behalf of clients" will require a full authorization (license) from a national competent authority (in Spain, likely the CNMV - Comisión Nacional del Mercado de Valores, or potentially the Bank of Spain, subject to national implementation laws).
Segregation: They must ensure the segregation of clients' crypto-assets and funds from their own assets, and from the assets of other clients, in their accounting records.
Prudential requirements (capital/insurance).
Evidence fact es.tax not found (may have been renamed).
Modelo 100 (Annual Personal Income Tax Declaration): All capital gains, losses, and income from cryptocurrency activities must be declared in the annual IRPF form.
Verdict Attribution
- Source:
- AI-Generated · Unreviewed
- AI synthesized:
- 2026-07-13 (deepseek-chat)
- Last updated:
- 2026-07-13
- Confidence:
- medium
This verdict was produced by an AI model from the underlying facts. Confirm with counsel before relying on it for material decisions.
Conditional — A stablecoin issuer/redeemer in Spain must obtain full MiCA authorization as a CASP (ART or EMT issuer, with e-money institution license for EMTs), segregate reserves under independent audit, grant at-par redemption rights to holders, and comply with Banco de España AML registration and ongoing AML/CFT obligations.
Questions this verdict aims to answer
- What e-money or banking license is required to issue?
- What reserve composition, segregation, and audit rules apply?
- What redemption rights must be granted to holders?
- Are foreign-issued stablecoins permitted for use locally?