IMPORTANT: This article analyzes the CNMV’s update to the CASP admission criteria based on the information available at the time of publication. Currently, any application for authorization, document amendment, technical review, or compliance strategy as a crypto-asset service provider must be reviewed on a case-by-case basis, the MiCA Regulation, the CNMV’s current forms and manuals, the European Register of Crypto-Asset Service Providers, and the updated criteria from ESMA and EBA.
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’s update is key to the professionalization of the sector. In addition, we are working in technical collaboration with Cryptoveritas 360, experts in cybersecurity and technology compliance in the blockchain space.
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
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.
Preliminary 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.
Assessment of Executive Suitability
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.
Stricter 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.
Digital Case Tracking
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 conducting a comprehensive review of the filing, from both a legal and technical perspective, to avoid delays or rejections by the CNMV. This joint assessment with Cryptoveritas 360 allows us to identify potential deficiencies and resolve them before the formal submission.
How to prepare your company to meet the new CNMV criteria?
Legal and Technical Assessment
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.
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.
Enhanced 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.
Direct dealings 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.
Ongoing monitoring
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 partnership between IN DIEM Abogados and Cryptoveritas 360 enables companies to cover all phases of the CASP process—from preparing the application to obtaining 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.
Preguntas frecuentes sobre los nuevos criterios CASP de la CNMV y MiCA
¿Qué papel tiene la CNMV en la autorización de proveedores CASP?
La CNMV supervisa y revisa los expedientes de las entidades que quieren operar como proveedores de servicios de criptoactivos en España. Su función es comprobar que cumplen los requisitos legales, organizativos, prudenciales, tecnológicos y de conducta exigidos por la normativa aplicable.
¿Qué es el Reglamento MiCA?
MiCA es el Reglamento europeo sobre mercados de criptoactivos. Su objetivo es crear un marco común en la Unión Europea para regular la emisión, prestación de servicios y supervisión de criptoactivos, aportando mayor seguridad jurídica, transparencia y protección para usuarios e inversores.
¿Por qué la CNMV ha actualizado sus criterios de admisión CASP?
La actualización busca adaptar el proceso de autorización a MiCA y a los criterios europeos de supervisión. Con ello se pretende reforzar la solvencia, gobernanza, seguridad tecnológica, trazabilidad y prevención de blanqueo de capitales en las entidades que operan con criptoactivos.
¿A quién afectan los nuevos criterios de la CNMV?
Afectan a exchanges, custodios, asesores, intermediarios y demás entidades que presten o quieran prestar servicios de criptoactivos en España. También afectan a empresas ya registradas o con expedientes en tramitación que deban adaptar su documentación a las nuevas exigencias.
¿Qué documentación puede exigir la CNMV en el expediente CASP?
La CNMV puede exigir información detallada sobre el modelo de negocio, organigrama, políticas internas, manuales de prevención de blanqueo, procedimientos de cumplimiento normativo, planes de continuidad de negocio, estructura de gobierno y sistemas tecnológicos utilizados.
¿La CNMV puede revisar los sistemas tecnológicos de un CASP?
Sí. En el marco de los nuevos criterios, la CNMV puede valorar aspectos técnicos como la seguridad de los sistemas, la custodia de criptoactivos, la trazabilidad de operaciones, la continuidad del servicio, la gestión de incidentes y la adecuación a estándares regulatorios aplicables.
¿Qué importancia tiene la prevención de blanqueo de capitales en el registro CASP?
La prevención de blanqueo de capitales y financiación del terrorismo es un elemento central del expediente. Las entidades deben contar con políticas AML/CFT sólidas, procedimientos de identificación de clientes, análisis de riesgos, controles internos y mecanismos de seguimiento de operaciones sospechosas.
¿Qué deben hacer las empresas que ya iniciaron su registro CASP?
Deben revisar su expediente para comprobar si la documentación presentada cumple con los criterios actualizados. En caso necesario, deberán adaptar manuales, políticas, organigramas, procedimientos técnicos y controles internos antes de responder a requerimientos o continuar la tramitación.
¿Por qué es recomendable un diagnóstico jurídico y técnico previo?
Porque el registro CASP exige cumplir requisitos legales y tecnológicos. Un diagnóstico previo permite detectar deficiencias en documentación, gobernanza, seguridad, trazabilidad, cumplimiento normativo o prevención de blanqueo antes de presentar el expediente ante la CNMV.
¿Por qué es importante combinar asesoramiento legal y técnico?
Porque la regulación cripto exige cumplir tanto requisitos jurídicos como estándares tecnológicos. La colaboración entre abogados especializados y expertos en ciberseguridad, trazabilidad blockchain y cumplimiento técnico permite preparar expedientes más sólidos y reducir riesgos regulatorios.
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