Global Stablecoin Regulation
Spain applies the EU MiCA framework. The CNMV (conduct and markets) and Banco de España (prudential for EMIs) supervise the parts relevant to stablecoins. Licensed firms can offer e-money tokens (EMTs) and asset-referenced tokens (ARTs) to retail users. Many non-MiCA-compliant stablecoins were removed from EU platforms around March 2025 as exchanges reacted to MiCA's application and supervisory expectations. BBVA publicly announced crypto services in Spain.
Legal Status
Legal with restrictions
Regularity Clarity
5/5
Regime Status
In-Force
Allowed Types
Fiat Referenced
Asset Referenced
Classification
Crypto Asset
E-Money
E-money for single-fiat EMTs or regulated crypto-asset (ART) under MiCA. Not legal tender.
Regulatory Authorities
Top Issuers
Consumer Protection
Reserve Requirements
EMTs/ARTs must be fully backed by high-quality, liquid reserves with segregation and safekeeping. EBA technical standards set composition caps and liquidity criteria.
Auditing
Periodic independent attestations/audits and ongoing supervisory reporting. Significant tokens face enhanced stress testing and reporting.
Redemption Rights
EMT holders have the right to redeem at par at any time without fees. Issuers must maintain operational redemption plans.
