Markets in Crypto-Assets Regulation Compliance in Spain

The Markets in Crypto-Assets Regulation (MiCA, Regulation (EU) 2023/1114) is the European Union's comprehensive legal framework governing crypto-asset issuers and crypto-asset service providers (CASPs). MiCA fills a critical regulatory gap: before its adoption, crypto-assets were largely unregulated at the EU level, with patchwork national regimes creating legal uncertainty and market fragmentation. MiCA creates a single EU-wide licensing regime, replacing national frameworks and enabling passporting (an authorization in one EU member state is valid across all 27). MiCA entered into force on June 29, 2023 and applies fully as of December 30, 2024. It covers three categories of crypto-assets: asset-referenced tokens (ART), e-money tokens (EMT), and other crypto-assets (utility tokens, governance tokens, etc.). MiCA is widely regarded as the most significant crypto regulatory development globally and is influencing regulatory approaches in the UK, Singapore, Australia, and the United States.

MiCA applies to two primary groups: (1) Crypto-asset issuers: Entities issuing asset-referenced tokens (ART) or e-money tokens (EMT) must obtain NCA authorization and publish an approved whitepaper. Issuers of other crypto-assets (e.g., utility tokens) must publish a whitepaper but do not require NCA approval unless the offering exceeds €5 million in 12 months. (2) Crypto-asset service providers (CASPs): Any business offering custody, exchange, trading platform, portfolio management, transfer, or advisory services for crypto-assets to EU clients must obtain CASP authorization from an NCA in an EU member state. Geographic scope: MiCA applies to any entity — regardless of where they are incorporated — that provides services or issues crypto-assets targeting EU users. Non-EU exchanges with EU-resident customer bases must comply. Entities already operating under equivalent national frameworks (e.g., Germany's crypto custody regulation) may benefit from transitional provisions, but full MiCA compliance is required by the end of the grandfathering period in each member state (typically 12–18 months from December 30, 2024).

Article 3 of MiCA defines a crypto-asset service provider (CASP) as any legal person or undertaking whose occupation or business is the professional provision of one or more crypto-asset services to third parties. MiCA Article 3 lists the regulated CASP services: (1) Custody and administration of crypto-assets on behalf of clients. (2) Operation of a trading platform for crypto-assets (exchange). (3) Exchange of crypto-assets for funds (fiat on/off ramp). (4) Exchange of crypto-assets for other crypto-assets. (5) Execution of orders for crypto-assets on behalf of clients. (6) Placing of crypto-assets (underwriting/distribution). (7) Reception and transmission of orders for crypto-assets on behalf of clients. (8) Providing advice on crypto-assets. (9) Providing portfolio management of crypto-assets. (10) Providing transfer services for crypto-assets on behalf of clients. A CASP must be authorized in at least one EU member state to operate legally across the EU. Authorization requires: legal entity registered in the EU, fit-and-proper management assessment, minimum capital requirements (€50k–€150k depending on services), internal governance policies, and compliance with AML/CFT obligations.