🇲🇹 Malta vs 🇪🇸 Spain: crypto licensing compared
Decision context and regulator route
Malta and Spain are commonly considered side by side for 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 public licence and regulator fields below are open to everyone; the complete sourced comparison is included with access.
Malta: verified 2026-08-15 · Spain: verified 2026-08-15
| Dimension |
🇲🇹 Malta
partly open
Verified 2026-08-15
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🇪🇸 Spain
partly open
Verified 2026-08-15
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|---|---|---|
| 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 included in the £349 pass. | Spain capital requirement is included in the £349 pass. |
| Timeline to authorisation | Malta timeline to authorisation is included in the £349 pass. | Spain timeline to authorisation is included in the £349 pass. |
| Local substance | Malta local substance is included in the £349 pass. | Spain local substance is included in the £349 pass. |
| Application cost | Malta application cost is included in the £349 pass. | Spain application cost is included in the £349 pass. |
| Ongoing cost | Malta ongoing cost is included in the £349 pass. | Spain ongoing cost is included in the £349 pass. |
| Passporting | Malta passporting is included in the £349 pass. | Spain passporting is included in the £349 pass. |
| MiCA CASPs approved | Malta mica casps approved is included in the £349 pass. | Spain mica casps approved is included in the £349 pass. |
| Key restrictions | Malta key restrictions is included in the £349 pass. | Spain key restrictions is included in 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. | The CNMV's own register shows a bank-led adoption pattern: home-authorised providers include BBVA, CaixaBank, Cecabank, Kutxabank, Open Bank and Renta 4 alongside fintechs such as Bit2Me, Criptan Trade and Crossmint Europe, 10 in total by late Jun 2026. CNMV published updated MiCA Q&A guidance in Dec 2025 ahead of full application from 1 Jul 2026. |
| Difficulty rating | Malta difficulty rating is included in the £349 pass. | Spain difficulty rating is included in the £349 pass. |
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What changed recently
🇲🇹 Malta (verified 2026-08-15): 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 2026-08-15): The CNMV's own register shows a bank-led adoption pattern: home-authorised providers include BBVA, CaixaBank, Cecabank, Kutxabank, Open Bank and Renta 4 alongside fintechs such as Bit2Me, Criptan Trade and Crossmint Europe, 10 in total by late Jun 2026. CNMV published updated MiCA Q&A guidance in Dec 2025 ahead of full application from 1 Jul 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.