Spain is moving to close the regulatory gap for crypto firms. From 2026, MiCA and DAC8 will bring digital asset providers under the same licensing and reporting regime as traditional financial institutions, reshaping competition in one of Europe’s largest markets.
The country will begin enforcing the DAC8 directive on tax reporting from 1 January 2026, followed by the full implementation of the Markets in Crypto-Assets (MiCA) licensing framework by 1 July 2026.
Together, the two regimes will require crypto service providers to obtain full authorisation and automatically report client data, fundamentally altering the competitive landscape in a major European market.
The Two-Pronged Regulatory Overhaul
The new rules establish a comprehensive compliance framework that closely mirrors traditional financial regulation. From 2026, crypto firms operating in Spain will face a dual requirement. MiCA introduces a full licensing regime, obliging platforms to meet capital, governance and operational standards comparable to those applied to regulated brokers.
DAC8 adds a parallel layer of tax transparency, requiring firms to automatically report client balances and transactions. Taken together, the measures align crypto operations far more closely with conventional financial supervision.
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Levelling the Playing Field for Brokers
For the brokerage industry, this dual implementation marks a strategic turning point. Crypto-native firms that have historically operated under lighter regulatory conditions will now face the same compliance costs and operational requirements long borne by traditional brokers.
The impact is already becoming visible. According to a study by Dutch crypto trading firm Yieldfund, 42% of crypto-asset service providers (CASPs) report a 45% increase in costs linked to MiCA preparations, while firms that have completed compliance efforts have seen a 45% rise in institutional investment.
Spain’s 2026 timeline underscores a broader shift in Europe’s approach to crypto regulation. The focus is no longer on incremental alignment, but on full integration into the financial system.
For firms able to absorb higher compliance costs, the new regime offers clarity and long-term legitimacy. For those reliant on regulatory arbitrage, the Spanish market may become increasingly difficult to access. Competition will not disappear, but the basis on which firms compete is being fundamentally redefined.
