Spain: Securities-Related Laws

For EU regulations, please visit EU Laws Related to Token Sales, Blockchain, and Digital Proof.

The Director-General of the National Securities Market Commission (“CNMV”) recently announced that Spain would apply Spanish securities regulation to cryptocurrency until a mature European framework was established.

CNMV also recently clarified that Spanish law offered ways by which investors could legally invest directly into cryptocurrencies. Under Law 22/2014, investors may participate in:

  • Closed-end investment funds (“FICC”)
  • Closed-end investment companies (“SICC”)
  • Closed-end collective investment entities (“EICC”)


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