🇫🇷 France vs 🇪🇸 Spain: crypto licensing compared
On paper, France's MiCA CASP authorisation (French 'agrement PSCA'); replaces the legacy PSAN regime (mandatory AML registration + optional licence). A single authorisation covers the 10 MiCA services. and Spain's MiCA CASP Authorisation granted by the Comisión Nacional del Mercado de Valores (CNMV); Banco de España separately supervises stablecoin (ART/EMT) issuance answer the same question; in practice the detail decides it. The two regimes differ on 7 of 9 tracked decision dimensions, including timeline to authorisation and local substance. This page compares the two side by side: the identity columns are free, the decision figures are one pass away, and every cell shows when it was last checked.
France: verified 2026-07-03 · Spain: verified 2026-07-02
| Dimension |
🇫🇷 France
partly open
Verified 2026-07-03
|
🇪🇸 Spain
partly open
Verified 2026-07-02
|
|---|---|---|
| Licence type | MiCA CASP authorisation (French 'agrement PSCA'); replaces the legacy PSAN regime (mandatory AML registration + optional licence). A single authorisation covers the 10 MiCA services. | MiCA CASP Authorisation granted by the Comisión Nacional del Mercado de Valores (CNMV); Banco de España separately supervises stablecoin (ART/EMT) issuance |
| Regulator | AMF (Autorite des marches financiers) grants and supervises the CASP authorisation; ACPR (Banque de France) gives binding assent on AML/CFT and prudential aspects via a joint examination team. | Comisión Nacional del Mercado de Valores (CNMV) - lead CASP authority; Banco de España co-supervises stablecoin issuers |
| Capital requirement | France capital requirement is locked. Unlock with the £349 pass. | Spain capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | France timeline to authorisation is locked. Unlock with the £349 pass. | Spain timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | France local substance is locked. Unlock with the £349 pass. | Spain local substance is locked. Unlock with the £349 pass. |
| Application cost | France application cost is locked. Unlock with the £349 pass. | Spain application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | France ongoing cost is locked. Unlock with the £349 pass. | Spain ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | France passporting is locked. Unlock with the £349 pass. | Spain passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | France mica casps approved is locked. Unlock with the £349 pass. | Spain mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | France key restrictions is locked. Unlock with the £349 pass. | Spain key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | France used the full 18-month transition, ending 1 Jul 2026 (today). Deblock first CASP (May 2025), SG-Forge (Oct 2025); ~18 CASPs authorised by 28 May 2026. AMF adopted ESMA staff knowledge/competence guidelines (Mar 2026). | By early 2026, CNMV had granted MiCA CASP licenses to six banks (BBVA, Cecabank, Openbank, Renta 4, CaixaBank and Kutxabank) plus five fintechs, reflecting a bank-led adoption pattern distinct from most other EEA jurisdictions; CNMV published updated MiCA Q&A guidance in Dec 2025 ahead of full application from 1 July 2026 |
| Difficulty rating | France difficulty rating is locked. Unlock with the £349 pass. | Spain difficulty rating is locked. Unlock with the £349 pass. |
The two regimes differ on 7 of 9 tracked decision dimensions, including timeline to authorisation and local substance. Unlock the pass to see each figure with its source and verification date.
What changed recently
🇫🇷 France (verified 2026-07-01): France used the full 18-month transition, ending 1 Jul 2026 (today). Deblock first CASP (May 2025), SG-Forge (Oct 2025); ~18 CASPs authorised by 28 May 2026. AMF adopted ESMA staff knowledge/competence guidelines (Mar 2026).
🇪🇸 Spain (verified 2026-07-02): By early 2026, CNMV had granted MiCA CASP licenses to six banks (BBVA, Cecabank, Openbank, Renta 4, CaixaBank and Kutxabank) plus five fintechs, reflecting a bank-led adoption pattern distinct from most other EEA jurisdictions; CNMV published updated MiCA Q&A guidance in Dec 2025 ahead of full application from 1 July 2026
Quick answers
Who regulates crypto licensing in France and Spain?
France: AMF (Autorite des marches financiers) grants and supervises the CASP authorisation; ACPR (Banque de France) gives binding assent on AML/CFT and prudential aspects via a joint examination team.. Spain: Comisión Nacional del Mercado de Valores (CNMV) - lead CASP authority; Banco de España co-supervises stablecoin issuers.
What licence do you need in France compared with Spain?
In France the authorisation route is MiCA CASP authorisation (French 'agrement PSCA'); replaces the legacy PSAN regime (mandatory AML registration + optional licence). A single authorisation covers the 10 MiCA services.; in Spain it is MiCA CASP Authorisation granted by the Comisión Nacional del Mercado de Valores (CNMV); Banco de España separately supervises stablecoin (ART/EMT) issuance. The comparison table on this page lines the two up dimension by dimension.
Where can I see the full France vs Spain comparison?
The interactive benchmark lets you pin either jurisdiction and add up to five peers; a Founder Pass or Pro subscription unlocks every gated figure with its source and verification date. This page stays free at /crypto/compare/france-vs-spain.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.