TLDR

  • On July 1, 2026, Spain will fully implement EU MiCA for crypto service providers.
  • DAC8 requires crypto exchanges to report user transactions to EU tax authorities starting from January 2026.
  • Crypto companies in Spain must obtain MiCA authorization by July 2026 or stop operating.
  • MiCA is applicable across the EU, offering uniform rules for crypto firms starting in 2026.

Spain is going to fully enforce two major cryptocurrency regulations – the EU’s Markets in Crypto – Assets Regulation (MiCA) and the Directive on Administrative Cooperation (DAC8) – by 2026. These regulations aim to bring clarity and regulation to the rapidly expanding crypto industry. Crypto service providers in Spain will have to comply with new rules designed to ensure proper oversight and tax compliance.

MiCA will demand that all crypto service providers get full authorization by July 1, 2026, or halt operations. Meanwhile, DAC8 will require exchanges to report users’ transactions, balances, and fund flows to EU tax authorities starting January 1, 2026. These changes are expected to impact a variety of crypto activities, from exchanges to wallet services.

Spain’s Transitional Period for Crypto Service Providers

The Spanish government has adopted the EU’s maximum transitional period for MiCA compliance, giving crypto service providers until July 2026 to secure full authorization. This transitional period is intended to give businesses time to adapt to the new regulations.

During this time, those that were already registered with Spain’s Bank of Spain before December 30, 2024, can continue their operations. This includes services such as currency exchange and wallet custody.

However, businesses offering services like portfolio management or investment advice must also prove they were operational before December 30, 2024, to utilize the transitional period. The Bank of Spain has stopped accepting new registrations after this date, with the CNMV (National Securities Market Commission) now overseeing crypto business regulations in Spain.

What MiCA and DAC8 Mean for Crypto Exchanges

MiCA and DAC8 are important because they require exchanges to comply with a wide range of requirements, including providing detailed reports of user activity. DAC8, which becomes effective in January 2026, mandates that exchanges report user transactions, balances, and fund flows to EU tax authorities. Experts warn that the Spanish tax agency will be able to freeze or liquidate assets to settle tax debts, highlighting the need for crypto users to be cautious.

Meanwhile, the enforcement of MiCA in July 2026 will ensure that only licensed firms can offer services across the EU. The regulation will affect a broad spectrum of services, including wallet providers, exchanges, and crypto asset managers. The CNMV has already started accepting MiCA authorization applications for Spanish crypto firms, with only a few, including BBVA, currently licensed.

Registration and Compliance Process for Crypto Firms

The CNMV has provided guidance on the application process for crypto service providers aiming to comply with MiCA. The process demands that companies submit over 100 pages of detailed information about their operations, governance, and risk management practices. However, some firms that are already regulated under EU laws, such as banks or e – money institutions, can follow a simplified notification procedure instead of going through full authorization.

In addition, the CNMV has made it clear that companies based in other EU countries, even those using transitional periods, cannot automatically provide services to Spanish customers unless they also meet Spain’s transitional rules. This ensures that businesses follow specific national regulations until they obtain full MiCA authorization.