MiCA in Spain: which crypto exchanges can operate since July 2026 and what it means for you

The EU’s Markets in Crypto-Assets regulation, MiCA, now applies in full in Spain. The transitional period ended on 1 July 2026: since then, only platforms authorised by the CNMV, or by the supervisor of another EU country, can provide crypto-asset services to Spanish clients.

At a glance

• MiCA is the EU regulation covering crypto-asset issuers and service providers (exchanges, custodians, brokers).
• In Spain, the transitional period for firms registered with the Bank of Spain ended on 1 July 2026.
• Since then a CNMV authorisation or an EU «passport» from another member state is required.
• What to do: check that your platform appears in the CNMV or ESMA register.

What MiCA is

MiCA (Regulation (EU) 2023/1114) is the first common crypto-asset rulebook in the European Union. It has applied to stablecoins since 30 June 2024 and to everything else since 30 December 2024. It covers two things:

1. Issuers of crypto-assets and stablecoins, who must publish a white paper and, for stablecoins, meet reserve requirements.
2. Crypto-asset service providers (CASPs): exchanges, custodians, trading platforms or advisers, who need authorisation and must meet rules on capital, safekeeping of client assets, conflicts of interest and transparency.

What changed in Spain

Before MiCA, crypto platforms only had to register with the Bank of Spain for anti-money-laundering purposes. That registration was not a licence and did not supervise their solvency.

Spain gave registered firms a transitional period to adapt. It ended on 1 July 2026. Since then:

• Only platforms authorised by the CNMV, or by another member state’s supervisor and notified for Spain (the EU passport), can operate in Spain.
• Unauthorised platforms must stop serving Spanish clients.
• Spanish banks and fintechs have already been authorised, and the CNMV publishes the up-to-date list.

What it means for you as an investor

• More protection: authorised providers must segregate your crypto-assets from their own, hold minimum capital and explain fees and risks clearly.
• Fewer grey-area options: platforms that fail to get a licence cannot keep onboarding clients in Spain.
• What MiCA does not cover: there is no guarantee fund like the one for bank deposits, and fully decentralised protocols (DeFi) and unique NFTs are generally out of scope.

How to check whether your exchange is authorised

1. Search for the platform in the CNMV register of crypto-asset service providers.
2. If it operates from another EU country, search the ESMA interim register, which lists all MiCA authorisations in Europe.
3. If it is not listed, check the notices it has sent you: they should explain how to withdraw your funds or which authorised entity accounts are moving to.
4. Keep your transaction history: you will need it for your tax return.

Frequently asked questions

Does MiCA regulate bitcoin?

MiCA does not regulate bitcoin as a protocol, but it does regulate the companies that let you buy, sell or hold it in the EU.

What happens to my crypto if my exchange has no licence?

The platform must stop serving you in Spain. The prudent move is to withdraw your funds to an authorised entity or your own wallet, following its instructions.

Does MiCA change how crypto is taxed?

No. MiCA is market regulation. Tax depends on each country; in Spain, what changes the information the tax office receives is the DAC8 directive.

At DEXT FORCE 2025, Bitpanda, Bitget and Bybit discussed the future of institutional crypto investment (DF25 recap). Regulation is back on the programme in 2027: join the waitlist.

This article is for information only and is not legal or investment advice.