The Markets in Crypto-Assets (MiCA) regulation officially came into force on June 30, 2024, marking a pivotal moment for the digital asset landscape across the European Union. This comprehensive framework sets clear rules for the issuance and provision of services related to crypto assets, paving the way for greater regulatory clarity, consumer protection, and institutional adoption.
With MiCA now in effect, expectations are high that banks and crypto-native platforms alike will begin offering compliant crypto services in 2025. Several factors point to this shift: rising retail demand, growing awareness of digital assets like Bitcoin surpassing $100,000, and a significant number of registered service providers in Spain—137 entities authorized for virtual currency exchange and wallet custody.
Despite strong market signals and public interest from major institutions like BBVA, Santander, CaixaBank, Cecabank, and Kutxabank, no Spanish bank has yet received formal approval from national regulators to launch crypto services. Similarly, no domestic crypto exchange is currently registered under the new framework.
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Instead, early movers are emerging elsewhere in Europe—specifically in Germany, Malta, and the Netherlands. Entities such as Boerse Stuttgart Digital Custody GmbH (Germany), OKCoin Europe Limited (Malta), and MoonPay Europe BV (Netherlands) have already secured authorization through their national regulators and are listed with the European Securities and Markets Authority (ESMA). These pioneers are setting the pace, while Spanish financial institutions appear more cautious.
Below are the three main challenges slowing down Spain’s banking sector in adopting crypto services under MiCA.
Regulatory Caution in Spain
While countries like Germany and France have taken proactive steps to regulate and integrate crypto asset services, Spain's financial authorities—particularly the Bank of Spain and the National Securities Market Commission (CNMV)—are proceeding with notable conservatism.
Out of 137 registered financial entities offering crypto-related services in Spain, only two—Cecabank and CACEIS—are listed in the official registry maintained by the Bank of Spain. This limited representation underscores a broader hesitance toward embracing digital assets at the regulatory level.
Although the Bank of Spain does not have direct oversight over crypto asset service providers under MiCA, it retains significant influence as the prudential supervisor of banks. It plays a key role in authorizing outsourcing arrangements, especially those involving technology providers critical to crypto operations. Its cautious stance affects how quickly banks can move forward.
The CNMV, focused on investor protection, also emphasizes the risks associated with crypto investments. In a recent statement, CNMV Chair Charles Sánchez Basilio highlighted the need for “special caution” regarding crypto assets. He noted three primary concerns:
- They offer less regulatory protection compared to traditional financial instruments governed by MiFID II.
- Their valuation is often difficult to assess due to opaque fundamentals and speculative pricing.
- They are not covered by investor compensation schemes like FOGAIN, leaving customers exposed in case of loss or insolvency.
This regulatory prudence reflects a protective approach but may delay innovation and competition within Spain’s financial ecosystem.
High Volatility and Risk Management Challenges
Crypto assets are inherently highly volatile and speculative, posing reputational and operational risks for traditional banks. To mitigate these concerns, most banks are considering a passive service model: making crypto available via their digital platforms—but only with prominent risk warnings and without active promotion or advisory support.
Banks do not intend to distribute crypto using traditional wealth management models or personalized investment advice. Instead, they aim to offer self-directed access through online or mobile banking channels, minimizing liability and avoiding regulatory gray areas tied to fiduciary responsibility.
A crucial aspect of this strategy is crypto asset selection and product governance. Institutions are developing rigorous frameworks to determine which digital assets they will list. No bank wants to be associated with low-quality tokens—such as meme coins driven purely by hype—or assets with insufficient liquidity or transparency.
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This careful curation ensures that only credible, compliant assets enter their ecosystems, protecting both brand integrity and customer trust.
Technological and Compliance Hurdles
Offering crypto services demands robust technological infrastructure and advanced compliance systems. Three key challenges stand out:
- 24/7 Market Operations: Unlike traditional financial markets, crypto operates around the clock. Banks must build or integrate systems capable of real-time transaction processing, monitoring, and customer support at all hours.
- Security of Assets and Keys: Crypto assets are prime targets for cyberattacks. Safeguarding private keys—the digital credentials that control access to funds—is paramount. Institutions must implement enterprise-grade custody solutions, including cold storage, multi-signature protocols, and intrusion detection systems.
- Anti-Money Laundering (AML) and Market Abuse Prevention: Crypto services require enhanced AML/KYC tools tailored to blockchain analytics. Real-time transaction monitoring, suspicious activity reporting, and compliance with Travel Rule requirements (like FATF Recommendation 16) add complexity.
These technical demands require significant investment in people, processes, and technology—barriers that smaller institutions may struggle to overcome without partnerships or third-party solutions.
The Inevitable Shift: Competition Will Drive Adoption
Despite current delays, the momentum is undeniable. The first Spanish banks and exchanges to gain MiCA authorization will likely emerge soon. Once pioneers demonstrate success, others will follow—not necessarily out of conviction, but out of competitive necessity.
Market pressure and evolving customer expectations will ultimately push even skeptical institutions to offer crypto services. Failing to do so risks losing clients to more innovative competitors, both traditional banks across Europe and agile digital-native platforms.
In the long run, competition will drive adoption, turning what was once seen as a niche product into a standard component of modern banking. Much like online banking or mobile payments in previous decades, crypto integration may start slowly—but it will become inevitable.
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Frequently Asked Questions (FAQ)
Q: What is MiCA and when did it take effect?
A: MiCA stands for Markets in Crypto-Assets, an EU regulation designed to standardize the issuance and provision of crypto asset services across member states. It officially came into force on June 30, 2024.
Q: Why haven’t any Spanish banks launched crypto services yet?
A: While several banks have expressed interest, none have received formal approval from Spanish regulators. Challenges include regulatory caution, risk management concerns, and technical implementation hurdles.
Q: Are crypto assets covered by investor protection schemes in Spain?
A: No. Unlike traditional financial products protected by schemes like FOGAIN, crypto assets are not covered under Spain’s investor compensation framework.
Q: Which countries have approved crypto service providers under MiCA?
A: As of mid-2025, Germany, Malta, and the Netherlands have authorized entities such as Boerse Stuttgart Digital Custody GmbH (Germany), OKCoin Europe Limited (Malta), and MoonPay Europe BV (Netherlands).
Q: Will all banks eventually offer crypto services?
A: While not guaranteed, market competition and customer demand make widespread adoption highly likely. Early movers will set benchmarks, encouraging others to follow suit.
Q: How are banks addressing the risks of offering crypto?
A: Banks are adopting passive distribution models with strict risk disclosures, focusing on secure custody solutions, rigorous asset screening, and compliance with AML regulations.
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