Crypto Assets Agreement Spain (Acuerdo de Criptoactivos)

A Crypto Assets Agreement Spain (Acuerdo de Criptoactivos) is a formal written contract governing the purchase, sale, exchange, custody, transfer, or service provision related to crypto-assets between a crypto-asset service provider (CASP — proveedor de servicios de criptoactivos, PSCA) and a client (cliente), regulated principally by Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets (MiCA — Markets in Crypto-Assets Regulation), which entered into full application in December 2024, and the Ley 6/2023, de 17 de marzo, de los Mercados de Valores y de los Servicios de Inversión (LMVSI), which designated the Comisión Nacional del Mercado de Valores (CNMV) as the Spanish competent authority for MiCA supervision.

MiCA Regulation Article 1 establishes that the regulation applies to issuers of crypto-assets and crypto-asset service providers operating within the EU. Article 3 MiCA defines a crypto-asset as a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology. MiCA distinguishes three categories of crypto-assets: asset-referenced tokens (ARTs — tokens referenciados a activos), e-money tokens (EMTs — tokens de dinero electrónico), and other crypto-assets (including utility tokens and crypto-assets that do not qualify as financial instruments under MiFID II or electronic money under Directive 2009/110/EC).

In Spain, the regulatory framework for crypto-assets prior to MiCA's full application consisted primarily of: the anti-money laundering registration requirement for virtual asset service providers (VASPs) under Ley 10/2010 de prevención del blanqueo de capitales — entities providing exchange services between virtual currencies and fiat currencies, or custodial wallet services, must register with the Banco de España's RPSAV (Registro de Proveedores de Servicios de Cambio de Moneda Virtual y Custodia de Monederos Digitales) under Real Decreto-Ley 7/2021; and the CNMV's and Banco de España's joint advertising guidelines for crypto-assets (Circular 1/2022 CNMV — Circular sobre la publicidad de las criptomonedas) imposing disclosure requirements on crypto advertising aimed at Spanish retail investors.

Under MiCA, crypto-asset service providers — including custody services, trading platforms (exchange services), portfolio management, advice, and transfer services — must obtain authorisation from the CNMV under Article 59 MiCA before providing services in Spain, unless they qualify for the transitional period provisions of Article 143 MiCA allowing VASPs previously registered under national AML law to continue operating until July 2026. The CNMV supervises compliance with MiCA's conduct obligations — client information, order execution policies, conflict of interest management, custody standards, and capital requirements — in coordination with the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA).

Crypto-asset taxation in Spain is governed by the Agencia Tributaria (AEAT) through Ley 35/2006 del IRPF (for individual investors), Ley 27/2014 del Impuesto sobre Sociedades (for corporate holders), and Ley 19/1991 del Impuesto sobre el Patrimonio (wealth tax) — an obligation applicable to Spanish residents with global assets above €700,000 or Spanish assets above the same threshold. The AEAT issued binding tax rulings (consultas vinculantes) in 2019 establishing that cryptocurrency gains are taxed as capital gains (ganancias patrimoniales) for IRPF purposes, with rates of 19% (first €6,000), 21% (€6,000–€50,000), 23% (€50,000–€200,000), 27% (€200,000–€300,000), and 28% (above €300,000). Since 2024, Spanish residents must declare foreign-held crypto-assets above €50,000 through Modelo 721, the new informative declaration form established by Real Decreto 249/2023.

A Crypto Assets Agreement Spain is required whenever a Spanish CNMV-authorised crypto-asset service provider (PSCA) enters into a service relationship with a client — retail or professional — for any of the crypto-asset services defined in Article 3(16) MiCA: custody and administration of crypto-assets on behalf of clients; operation of a trading platform for crypto-assets; exchange of crypto-assets for funds or other crypto-assets; execution of orders for crypto-assets on behalf of clients; placing of crypto-assets; reception and transmission of orders for crypto-assets; providing advice on crypto-assets; or portfolio management of crypto-assets.

The agreement is needed when a Spanish individual or company purchases Bitcoin (BTC), Ether (ETH), or other crypto-assets through a Spanish or EU-based exchange platform authorised under MiCA — the written agreement documents the service terms, fee structure, custody arrangements, and the client's acknowledgment of risks, which MiCA Article 66 requires to be clearly disclosed to retail clients.

A Crypto Assets Agreement is required when a Spanish company issues utility tokens or other crypto-assets (not qualifying as ARTs or EMTs) under MiCA Title II — the issuer must publish a MiCA-compliant crypto-asset white paper (libro blanco de criptoactivos) notified to the CNMV under Article 7 MiCA at least 20 working days before publication, and the token sale agreement documents the terms under which investors subscribe to the tokens.

The agreement is needed when a Spanish financial institution — banco, entidad de crédito, empresa de servicios de inversión — provides crypto-asset custody services or crypto-asset trading services under MiCA's specific authorisation framework for already-regulated financial entities under Article 60 MiCA, which permits EU-regulated entities to provide MiCA services upon notification to the CNMV without full authorisation.

A Crypto Assets Agreement is required when a Spanish company operates a decentralised finance (DeFi) protocol or NFT (non-fungible token) platform — while fully decentralised DeFi protocols without identifiable intermediaries are currently outside MiCA's scope under Recital 22 MiCA, arrangements involving a Spanish-registered entity providing services through the protocol require MiCA analysis, and the CNMV has indicated it will scrutinise hybrid DeFi structures with Spanish operators.

The agreement is also needed when a company purchases crypto-assets as a treasury reserve or investment under its corporate treasury policy — the written agreement with the custody provider documents the holding arrangements, the security measures for private key management, and the company's rights and remedies in the event of insolvency of the custodian, which under MiCA Article 70 must segregate client crypto-assets from the CASP's own assets.

Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest.

A valid Crypto Assets Agreement Spain under MiCA Regulation (EU) 2023/1114 and Ley 6/2023 LMVSI must contain the following essential provisions to comply with regulatory requirements and protect the rights of both the service provider and the client.

Parties and Regulatory Status: Full legal name, NIF/CIF, registered address, and CNMV authorisation or registration reference of the crypto-asset service provider (PSCA — proveedor de servicios de criptoactivos). For transitional-period providers registered with the Banco de España RPSAV under Real Decreto-Ley 7/2021, the RPSAV registration number. Client identification details and classification as retail client (cliente minorista) or professional client (cliente profesional) under MiCA Article 66.

Description of Services: Precise description of the crypto-asset services provided — custody (custodia), exchange (intercambio), trading platform access, portfolio management (gestión de carteras), investment advice (asesoramiento), or other MiCA services. For each service, the applicable fee structure (tarifa — flat fee, percentage of transaction value, spread, or subscription) must be clearly stated under MiCA Article 66(2)(d).

Crypto-Asset Description and Risks: Description of the specific crypto-assets subject to the agreement — Bitcoin (BTC), Ether (ETH), stablecoins, utility tokens, or other assets. MiCA Article 66(2)(a) requires disclosure of the nature, characteristics, and risks of the crypto-assets — including market volatility (volatilidad), technology risks (riesgos tecnológicos including smart contract risks and blockchain forks), and the absence of deposit guarantee protection (the Fondo de Garantía de Depósitos does not cover crypto-assets).

Custody Arrangements: For custody services, the agreement must describe the custody model — hot wallet (online, higher liquidity but higher security risk) versus cold wallet (offline, higher security) storage; the private key management protocol; insurance coverage (if any); and the PSCA's obligation under MiCA Article 70 to segregate client assets from the PSCA's own assets in separate wallets and accounting records. The procedure for client asset recovery in the event of the PSCA's insolvency under the applicable insolvency law (Texto Refundido de la Ley Concursal — RDL 1/2020) must be described.

Anti-Money Laundering and KYC: The client's obligation to complete Know Your Customer (KYC) and Anti-Money Laundering (AML) verification under Ley 10/2010 de prevención del blanqueo de capitales — including identity verification (DNI/NIE/passport), address proof, source of funds declaration, and ongoing transaction monitoring obligations of the PSCA. Travel Rule compliance under EU Transfer of Funds Regulation (TFR — Regulation (EU) 2023/1113), requiring sender and beneficiary information to accompany crypto-asset transfers above €1,000.

Tax Reporting Obligations: The client's acknowledgment of their Spanish tax reporting obligations — IRPF capital gains reporting for individual investors; IS treatment for corporate investors; Modelo 721 declaration for foreign-held crypto-assets above €50,000 under Real Decreto 249/2023; and the PSCA's obligations to report client information to the Agencia Tributaria (AEAT) under DAC8 (EU Directive 2023/2226 on administrative cooperation in taxation, extending automatic exchange of information to crypto-asset transactions).

Data Protection: RGPD-compliant data processing provisions under Regulation (EU) 2016/679 Article 6(1)(b) (contract performance legal basis) and Article 6(1)(c) (legal obligation — AML/KYC requirements), with the AEPD as the competent supervisory authority for Spanish data subjects. The PSCA's obligations under MiCA Article 84 to maintain client records for at least five years.

Dispute Resolution and Complaints: The internal complaints procedure (servicio de atención al cliente) required by Orden ECO/734/2004 for Spanish financial services entities — formal complaint submission, acknowledgment within 10 days, and resolution within two months. Reference to the CNMV's investor claims service (Servicio de Reclamaciones de la CNMV) and the Banco de España's Servicio de Reclamaciones for matters within their respective competence.

Forms-legal.com provides this Crypto Assets Agreement Spain template as a reference framework. Every crypto-asset service contract must be reviewed by a qualified abogado especialista en regulación financiera and compliance officer with knowledge of MiCA implementation, CNMV guidelines, and Spanish AML obligations — this is a rapidly evolving regulatory area where requirements continue to develop.

Under the Ley Cambiaria y del Cheque (Ley 19/1985), promissory notes and bills of exchange are governed in Spain. The Banco de España supervises banking under Ley 10/2014. The Comisión Nacional del Mercado de Valores (CNMV) regulates securities markets. The AEAT administers IVA (Ley 37/1992) and IRPF (Ley 35/2006). The Ley 3/2004 governs late payment in commercial transactions with statutory interest.