Spain: Laws Related to Token Sales, Blockchain, and Digital Proof

The countries of the European Union hold a patchwork of individual attitudes towards cryptocurrency regulation, but all of them also fall under the jurisdiction of the EU Commission. For EU regulations, please visit EU Laws Related to Token Sales, Blockchain, and Digital Proof.

Token Sales (“ICOs”)

In a joint press statement with the Bank of Spain in February 2018, the National Securities Market Commission (“CNMV”) emphasized that, to date, “no cryptocurrency issue or ICO [had] been registered, authorised or verified by any supervisory agencies in Spain…” adding that, “there are no ICO-issued cryptocurrencies or tokens purchased or held in Spain that may avail of any of the guarantees or safeguards envisaged under the regulations on banking or investment products.”

While there is not a mature legal framework for token sales at this time, it has been reported that members of a Spanish political party are actively working on ICO-friendly legislation, including otential tax breaks.


In July 2018, Generalitat de Catalunya (Government of Catalonia) revealed a plan for blockchain implementation. The Generalitat de Catalunya, which is an official institution of the Spanish government for the autonomous province of Catalonia, is going to promote crypto-technology “with the aim of improving digital services to the public and promoting the potential of this technology between the Administration, companies and the citizen(s).” More information on this here.


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