The CNMV updates CASP admission criteria

The regulation of crypto-assets takes a new step forward in Spain with the update of admission criteria for Crypto-Asset Service Providers (CASPs) by the National Securities Market Commission (CNMV). This change, aligned with Regulation (EU) 2023/1114 (MiCA), redefines the requirements for exchanges, custodians, advisors, and intermediaries operating with crypto-assets in Spain.

At IN DIEM Abogados, a law firm specializing in financial law and crypto regulation, we explain what these changes entail, how they affect the CASP registration process, and why the CNMV update is key to the professionalization of the sector. Furthermore, we have the technical collaboration of Cryptoveritas 360, experts in cybersecurity and technological compliance within the blockchain field.

CNMV objectives with the new CASP guidelines

The Markets in Crypto-Assets Regulation, known as MiCA, aims to establish a uniform regulatory framework across the European Union to provide legal certainty, transparency, and stability to the crypto ecosystem. In this context, the CNMV has decided to revise its admission criteria to adapt them to the guidelines issued by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA).

This update affects both new applicants and entities that have already started their registration or are currently registered as CASP providers. In all cases, the CNMV’s focus is to strengthen prudential, technical, and reputational controls to ensure that operators act with solvency and responsibility.

This update, which seeks to strengthen the supervision of the crypto sector in Spain, presents the following objectives:

• Standardize the authorization process with European MiCA criteria.
• Strengthen the governance and solvency of CASP entities.
• Guarantee technological security and the traceability of operations on the blockchain.
• Prevent money laundering and terrorist financing (AML/CFT) risks.

In other words, the CNMV intends for those managing crypto-asset services to have a solid structure and internal controls comparable to those of the traditional financial sector.

Main updates to the CASP admission criteria

1. More detailed documentation

The CNMV will require a higher level of detail in the documentation submitted. Files must include a full description of the business model, organizational chart, compliance policies, internal AML/CFT manuals, and a business continuity plan. Consistency across all documents will be essential to avoid requests for further information and corrections.

2. Prior technical review

One of the main updates is the possibility for the CNMV to request technical audits of custody, security, and traceability systems before granting registration. In this area, Cryptoveritas 360 plays a key role as a technological verification partner, ensuring compliance with European DORA and MiCA standards.

3. Suitability control for executives

Compliance officers must demonstrate prior experience in financial or technological matters. The CNMV will assess the training, track record, and reputation of executives to ensure prudent and professional management.

4. Strengthened solvency and governance requirements

Capital requirements and transparency obligations for administrative bodies are being increased. Companies must demonstrate solvency and an internal control structure that allows for the prevention of operational and technological risks.

5. Digital tracking of the file

The CNMV will implement an electronic processing system that will allow for greater traceability in the admission process. However, this will also imply greater rigor in the submission of documentation and subsequent updates.

How does it affect crypto-asset service providers?

Entities already registered as CASPs will have to adapt their documentation to the new requirements before the end of 2025. Those still in the application process must review their files to ensure they meet the updated criteria. Finally, companies starting their registration from now on must do so directly under the new conditions.

At IN DIEM Abogados, we recommend performing a full review of the file, from both a legal and technical standpoint, to avoid delays or rejections by the CNMV. This joint diagnosis with Cryptoveritas 360 allows for the identification of potential deficiencies and their resolution before formal submission.

How to prepare your company to meet the new CNMV criteria?

1. Legal and technical diagnosis

It is advisable to start with a comprehensive analysis of the file. IN DIEM Abogados reviews the applicable legal requirements according to MiCA and the CNMV, while Cryptoveritas 360 evaluates the technological systems, security, and blockchain traceability.

2. Documentation update

AML/CFT manuals, risk policies, business plans, and organizational charts must be updated to reflect the actual structure and operation of the company in accordance with the new criteria. Consistency and precision in this documentation are essential.

3. Strengthening security and compliance

The CNMV particularly values the ability of CASPs to prevent technological incidents. Therefore, it is advisable to incorporate cybersecurity measures, access control, and continuous monitoring. Cryptoveritas 360 offers specialized support in these areas.

4. Direct management with the CNMV

Communication with the CNMV requires knowledge of the process and experience in previous filings. IN DIEM Abogados handles the management of the file, responses to requests, and follow-up on necessary corrections.

5. Continuous supervision

Once CASP registration is obtained, companies must keep their compliance up to date. Periodic reviews by the CNMV may include both legal and technical aspects. For this reason, IN DIEM and Cryptoveritas 360 offer a continuous regulatory maintenance service.

The importance of legal and technical collaboration

The MiCA regulation demonstrates that regulatory compliance in the crypto field cannot be addressed in isolation. The CNMV evaluates both the legal solvency and the technical strength of projects. Consequently, collaboration between lawyers and technology specialists is essential.

The alliance between IN DIEM Abogados and Cryptoveritas 360 allows companies to cover all phases of the CASP process, from file preparation to technical compliance certification, with a comprehensive and efficient approach.

Aspects to consider

The update of the CASP admission criteria by the CNMV marks the beginning of a new stage for the crypto sector in Spain. This change reinforces investor confidence and consolidates Spain as an advanced regulatory environment within the MiCA framework.

For companies in the sector, adapting in time is not only an obligation but an opportunity to differentiate themselves and access the European market with guarantees. At IN DIEM Abogados and Cryptoveritas 360, we accompany each client through this process, integrating legal expertise and specialized technological solutions.

Frequently Asked Questions

Why has the CNMV updated the CASP admission criteria?

To align the national process with the MiCA Regulation and the European guidelines from ESMA (European Securities and Markets Authority) and EBA (European Banking Authority), strengthening the solvency, security, and transparency of the crypto sector in Spain.

What additional documentation does the CNMV request?

In addition to previous requirements, a more detailed description of the business model, internal AML/CFT policies, shareholding structure, continuity plan, and technical audits of security systems are now required.

What happens to companies already registered as CASPs?

They must adapt their documentation to the new guidelines before the end of 2025. The CNMV may request additional information or updates during the continuous supervision process.

How can IN DIEM Abogados help in this process?

IN DIEM Abogados advises and represents companies before the CNMV, drafts the necessary legal documentation, and coordinates technical review with Cryptoveritas 360 to ensure comprehensive compliance.

Our firm offers comprehensive advice in all areas related to crypto-assets and blockchain, including:

• Law and Cryptocurrencies: we advise on Bitcoin, Altcoins, ICOs, NFTs, and blockchain-based projects, providing legal security from creation to the operation of any crypto-asset.
• Crypto Tax and Taxation: we offer expert guidance on taxation of cryptocurrency investments, buy-sell transactions, staking, DeFi, and airdrops, ensuring compliance with current regulations.
• Registration and Compliance with Banco de España: we guide cryptocurrency exchange and custody platforms in their registration and regulatory compliance, ensuring safe and legal operation.
• Adaptation to the MiCA Regulation: we help crypto companies comply with the new European regulation, covering everything from obtaining licenses to implementing anti-money laundering (AML) policies, consumer protection, and compliance auditing.
• Fraud on Web Platforms with Cryptocurrencies. Criminal: we offer legal defense and recovery strategies against fraud or scams on exchanges, wallets, or any digital investment platform.

In an increasingly complex and competitive regulatory environment, having a firm that understands both technology and law is key to minimizing risks and seizing opportunities. In Diem Abogados, in collaboration with its technology partner Cryptoveritas 360, does not only advise: it accompanies, implements, and ensures that your crypto company complies with regulations, integrates secure technological solutions, and thrives in the digital ecosystem.

IN DIEM Abogados, cryptocurrency experts at your service

At IN DIEM Abogados, we have the best experts in different branches of Law—Criminal, Civil, Administrative, Commercial, and Labor—ensuring at all times the advice and defense of our clients’ interests. Additionally, our firm specializes in the management and coordination of criminal and civil proceedings with groups of affected parties, which allows us to offer an effective joint strategy, optimize resources, and strengthen each client’s position within the process.

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