🇲🇹 Malta vs 🇪🇸 Spain: crypto licensing compared
Malta and Spain take recognisably different routes to crypto authorisation. In Malta the route is the MiCA CASP authorisation under the Markets in Crypto-Assets Act (Cap. 647); replaces the legacy VFA licence (VFA Act 2018) via a fast-track conversion. Malta granted one of the EU's first full CASP licences (Jan 2025). overseen by Malta Financial Services Authority (MFSA) - single competent authority; a long-standing crypto supervisor since the 2018 VFA regime.; in Spain it is the MiCA CASP Authorisation granted by the Comisión Nacional del Mercado de Valores (CNMV); Banco de España separately supervises stablecoin (ART/EMT) issuance under Comisión Nacional del Mercado de Valores (CNMV) - lead CASP authority; Banco de España co-supervises stablecoin issuers. The two regimes differ on 6 of 9 tracked decision dimensions, including timeline to authorisation and local substance. The free columns below are open to everyone; the decision figures unlock with a pass, each one dated and sourced.
Malta: verified 2026-07-03 · Spain: verified 2026-07-02
| Dimension |
🇲🇹 Malta
partly open
Verified 2026-07-03
|
🇪🇸 Spain
partly open
Verified 2026-07-02
|
|---|---|---|
| Licence type | MiCA CASP authorisation under the Markets in Crypto-Assets Act (Cap. 647); replaces the legacy VFA licence (VFA Act 2018) via a fast-track conversion. Malta granted one of the EU's first full CASP licences (Jan 2025). | MiCA CASP Authorisation granted by the Comisión Nacional del Mercado de Valores (CNMV); Banco de España separately supervises stablecoin (ART/EMT) issuance |
| Regulator | Malta Financial Services Authority (MFSA) - single competent authority; a long-standing crypto supervisor since the 2018 VFA regime. | Comisión Nacional del Mercado de Valores (CNMV) - lead CASP authority; Banco de España co-supervises stablecoin issuers |
| Capital requirement | Malta capital requirement is locked. Unlock with the £349 pass. | Spain capital requirement is locked. Unlock with the £349 pass. |
| Timeline to authorisation | Malta timeline to authorisation is locked. Unlock with the £349 pass. | Spain timeline to authorisation is locked. Unlock with the £349 pass. |
| Local substance | Malta local substance is locked. Unlock with the £349 pass. | Spain local substance is locked. Unlock with the £349 pass. |
| Application cost | Malta application cost is locked. Unlock with the £349 pass. | Spain application cost is locked. Unlock with the £349 pass. |
| Ongoing cost | Malta ongoing cost is locked. Unlock with the £349 pass. | Spain ongoing cost is locked. Unlock with the £349 pass. |
| Passporting | Malta passporting is locked. Unlock with the £349 pass. | Spain passporting is locked. Unlock with the £349 pass. |
| MiCA CASPs approved | Malta mica casps approved is locked. Unlock with the £349 pass. | Spain mica casps approved is locked. Unlock with the £349 pass. |
| Key restrictions | Malta key restrictions is locked. Unlock with the £349 pass. | Spain key restrictions is locked. Unlock with the £349 pass. |
| Recent changes | First-mover: Crypto.com licensed 27 Jan 2025; ~13 CASPs now authorised (OKX, Gemini, Gate, Blockchain.com). ESMA's 10 Jul 2025 peer review criticised the MFSA's authorisation of one CASP, tightening scrutiny. Transition ends 1 Jul 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 | Malta difficulty rating is locked. Unlock with the £349 pass. | Spain difficulty rating is locked. Unlock with the £349 pass. |
The two regimes differ on 6 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
🇲🇹 Malta (verified 2026-07-01): First-mover: Crypto.com licensed 27 Jan 2025; ~13 CASPs now authorised (OKX, Gemini, Gate, Blockchain.com). ESMA's 10 Jul 2025 peer review criticised the MFSA's authorisation of one CASP, tightening scrutiny. Transition ends 1 Jul 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 Malta and Spain?
Malta: Malta Financial Services Authority (MFSA) - single competent authority; a long-standing crypto supervisor since the 2018 VFA regime.. Spain: Comisión Nacional del Mercado de Valores (CNMV) - lead CASP authority; Banco de España co-supervises stablecoin issuers.
What licence do you need in Malta compared with Spain?
In Malta the authorisation route is MiCA CASP authorisation under the Markets in Crypto-Assets Act (Cap. 647); replaces the legacy VFA licence (VFA Act 2018) via a fast-track conversion. Malta granted one of the EU's first full CASP licences (Jan 2025).; 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 Malta 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/malta-vs-spain.
Informational only, not legal advice. Every open figure carries its own verification date; verify with qualified counsel before acting.