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Open a Cryptocurrency Company in Spain

Updated on Monday 11th July 2022

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Open-a-Cryptocurrency-Company-in-Spain.pngAt the moment, each country of the EU can set up various regulations on cryptocurrency businesses and Spain has specific regulations addressing to this field. Investors who want to open a company in Spain should know that specific articles of the Spanish Civil Code protect the operations of such businesses; our team of specialists in company formation in Spain can offer consultancy services on the available legislation, and can help you obtain a crypto exchange license in Spain.
 

Cryptocurrency mining in Spain 

 
Companies performing cryptocurrency mining activities are taxed under new rules of law imposed by the Spanish government. Cryptocurrency mining refers to the procedure through which transactions carried out through virtual currencies are verified. Those interested in company registration in Spain in this field should know that the National Directorate of Tax announced that cryptocurrency mining activities will be taxed as such operations are included in the category of economic activities. 
 
In this sense, cryptocurrency miners will be required to register with the Spanish authorities for taxation purposes and this should be completed prior to submitting the taxes associated with operations deriving from cryptocurrency mining
 
The legislation is not yet applicable in Spain, but it may be enforced to prevent a set of associated criminal activities that are usually encountered in this field, such as: 
 
 
  • money laundering;
  • tax evasion;
  • cybercriminal activities. 
 

Regulation of cryptocurrency in Spain

 
Spain has come to the attention of cryptocurrency users as well as those who want to open a cryptocurrency company in Spain with some regulations in this sector. Among them, the following are important:
 
  1. Obtaining income over EUR 1,000 for a single transaction means taxation of personal income tax. This must be stated in the section on capital gains and losses.
  2. The calculation of the tax base is done by subtracting the purchase value of the virtual coins from the sale value.
  3. The tax levied on profits from investments in cryptocurrencies varies depending on the profits generated from the investments sold.
  4. Income of EUR 6,000 or less is taxed at 19% rate and income between EUR 6,000 and EUR 50,000 is taxed at 21% rate.
  5. What exceeds EUR 50,000 is taxed at 23% rate, and anything over EUR 200,000 at 26% rate.
 

Application for crypto exchange license in Spain

 
If you want to open a cryptocurrency company in Spain, it is essential to first obtain a crypto exchange license in Spain. Let's review some of the formalities related to crypto exchange license in Spain:
 
  1. First, you need to register an entity. This may be Sociedad Limitada (SL), the Spanish version for limited liability companies and the most popular at the moment.
  2. You need to make sure that you have a physical office for your cryptocurrency company in Spain.
  3. Spanish authorities are asking shareholders to prove a clear criminal record.
  4. A detailed business plan is needed. It should include information about the activities you want to undertake, the platforms you will work with as well as protection and security policies for customers.
  5. You must also open a bank account and have approval from the Central Bank of Spain for virtual currency transactions.
  6. The company's employees must have experience in the cryptocurrency field.
  7. You must also comply with the Anti-Money Laundering Law in Spain.
 
Once you prepare these documents plus standard ones, you can apply for a crypto exchange license in Spain. Our local agents are at your disposal with specialized help if you want to open a cryptocurrency company in Spain.
 

Some anti-money laundering regulations in Spain

 
Royal Decree 7/2021, with the transfer of EEU directives, presents the regulation on money laundering as well as the prevention of this type of fraud. As virtual currency is part of the Spanish financial system, entrepreneurs who want to open a cryptocurrency company in Spain must comply with the requirements and regulations of this set of laws.
 
By definition, virtual currency is any digital value that is not issued by a central bank but is accepted as currency, storage, or transfer. Those who offer this type of service must ensure that it offers protection and security to its customers and that they take anti-money laundering measures in Spain.
 
If you want more details on this topic, we invite you to talk to our local agents. We can help you obtain a crypto exchange license in Spain.
 
As for the Spanish economy, the figures below highlight its direction:
 
  • Over USD 853 billion was the total FDI for Spain in 2020.
  • Authorities have revised GDP growth in Spain and set it at 4.1% for 2022, according to OECD.org.
 
Businessmen are invited to contact our team of consultants in company formation in Spain for assistance on the registration steps imposed under the local legislation. We can help you open a cryptocurrency company in Spain.
 
 

Meet us in Madrid and Barcelona

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Call us now at +34 938 07 40 56 to set up an appointment with Federico Richardson, one of our specialists in company formation in Madrid and Barcelona. Alternatively you can incorporate your company without traveling to Spain.

As a Lexidy Law Boutique SLP client, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Spain.

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