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CASP license in Spain
CASP is a license for legal work with crypto assets in the EU. She confirms that the company can officially provide services in the field of digital assets, from exchanging and securely storing cryptocurrencies to managing wallets and conducting transactions on behalf of customers.
Spain is characterized by convenient regulation and a high degree of legal clarity. The country has a clear and absolutely transparent licensing system in accordance with MiCA standards.
The process of obtaining a license in Spain is accompanied by a number of advantages - the application is quickly reviewed here, the state has an authoritative status among financial institutions and there is no bureaucratic pressure.
Table of Contents
What is a CASP license?
CASP (Crypto Asset Services Provider) is a license that companies working in the field of crypto assets receive. The permit confirms the legality of doing business and compliance with anti-money laundering (AML) and terrorist financing (CFT) requirements, as well as ensures the protection of clients' interests and transparency of operations. This FATF (Financial Action Task Force) license is regulated under the MiCA (Markets in Crypto-Assets) regulations.
All companies related to digital assets should receive the CASP status. These services include exchanging cryptocurrencies for fiat or other crypto assets, storing and managing crypto assets on behalf of customers, conducting transactions on behalf of third parties, and participating in the placement or sale of crypto assets. Companies that provide services without a license risk incurring fines and other penalties.
Requirements for companies
The issuance of CASP licenses is regulated by the CNMV (Comisión Nacional del Mercado de Valores) and the Bank of Spain (Banco de España). It requires:
- The legal form is a registered Spanish company (usually Sociedad Limitada - SL).
- The presence of a physical office in Spain.
- The director must be a resident.
- Internal AML/CFT policies that comply with FATF recommendations and EU requirements.
- The minimum authorized capital is from 50,000 EUR.
- Impeccable business reputation of beneficiaries and management
Types of CASP licenses
- CASP Class 1 - Basic Services. Companies can manage a portfolio of crypto assets and place them without a firm commitment to repurchase. It is suitable for small startups that do not manage exchange platforms. The minimum authorized capital is 50,000 EUR.
- CASP Class 2 - Advanced Services. Holders of this class are competent to store crypto assets or access keys on behalf of clients, exchange them, and perform operations with tokens. The minimum authorized capital is 125,000 EUR. Suitable for crypto exchanges, custodial services, and OTC platforms.
- CASP Class 3 - Full license. In addition to the above functions from the first two classes, these companies are allowed to manage trading platforms. The minimum authorized capital is 150,000 EUR.
Procedure for obtaining a CASP license
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Register a company in SpainFirst of all, it is necessary to register a legal entity in Spain in the form of Sociedad Limitada (S.L.).
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Collect required documentsOur Law&Trust specialists will help you with document collection, notarization and translation.
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Submit application to CNMVNext, you need to submit an application to CNMV (Comisión Nacional del Mercado de Valores), after which you can open bank and payment accounts.
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Obtain the LicenseAfter the successful review and approval of the application, the license will be issued to you.
Required documents
- Business plan;
- AML/CFT KYC policy and procedures;
- Internal control and risk management system;
- Confirmation of the sources of funds;
- Information about the final beneficiaries and directors;
- Office rental agreement or address confirmation;
- Description of the CASP services.
Our services
Law&Trust provides comprehensive support at all stages of obtaining a CASP license in Spain and other jurisdictions. We provide professional advice, help with the selection of the optimal jurisdiction for the specifics of your business, accompany the company registration process and carefully prepare a package of documents.
Among our services are:
- Consultations on obtaining a CASP license;
- Company registration in Spain;
- Preparation of a complete set of documents for the application;
- Support of the submission process and interaction with regulators;
- Appointment of nominee directors and AML officers;
- Ensuring full compliance with regulatory requirements.
If you plan to develop your project in Europe, then you need legal assistance. Our experts will help you find the best solution, accompanying you at every stage from the idea to obtaining a license and successfully starting a business.
