{"id":21474,"date":"2025-09-22T23:44:07","date_gmt":"2025-09-22T21:44:07","guid":{"rendered":"https:\/\/www.in-diem.com\/what-is-a-casp-and-why-should-you-register\/"},"modified":"2026-08-12T14:37:25","modified_gmt":"2026-08-12T12:37:25","slug":"what-is-a-casp-and-why-should-you-register","status":"publish","type":"post","link":"https:\/\/www.in-diem.com\/en\/what-is-a-casp-and-why-should-you-register\/","title":{"rendered":"What is a CASP and why should you register?"},"content":{"rendered":"
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IMPORTANT: This <\/strong>article was drafted in accordance with the regulatory framework in effect at the time of its publication, specifically Regulation (EU) 2023\/1114 (MiCA), the applicable Spanish regulations on cryptoassets, and the CNMV\u2019s supervisory criteria. Given that the authorization and supervision regime for cryptoasset service providers, transitional periods, technical requirements, AML\/CFT obligations, and administrative criteria are subject to change, each specific case must be reviewed in accordance with current regulations and the actual activities carried out by the company or platform. <\/em><\/p>\n\n

The regulation of crypto-assets in Spain is no longer unclear territory. Since the entry into force of Law 7\/2021<\/a> and the application of the European MiCA Regulation<\/a>, the CNMV has the authority to sanction\u2014and is doing so\u2014those who operate without proper authorization. <\/p>\n\n

In this new scenario, if you are engaged\u2014or plan to engage\u2014in activities related to crypto-assets, this concept affects you directly. It is not an administrative formality. Operating without CASP registration entails administrative, criminal, and reputational risks that can sink any crypto project, no matter how promising. Thus, understanding the process is essential. <\/p>\n\n

In this article, we explain what a CASP is, who is required to register, what the process with the CNMV entails, and what real benefits you gain by complying with the regulations. Our experience at IN DIEM working with dozens of companies in the sector\u2014and with the technical support of Cryptoveritas 360\u2014<\/a>allows us to offer you a practical perspective. <\/p>\n\n

What is a CASP?<\/strong><\/h2>\n\n

CASP<\/strong> stands for Crypto-Asset Service Provider<\/strong>. According to the CNMV<\/a>, a CASP is any natural or legal person who professionally provides one or more services related to crypto-assets to third parties in Spanish territory. <\/p>\n\n

In other words, the concept encompasses any company\u2014large or small\u2014that provides any service linked to digital assets. And it includes more activities than many imagine. <\/p>\n\n

What activities make a company a CASP?<\/strong><\/h2>\n\n

Among the most common:<\/p>\n\n

    \n
  • Exchange of crypto-assets<\/strong> for fiat money or for other crypto-assets<\/li>\n\n\n\n
  • Custody of keys or wallets<\/strong> on behalf of third parties<\/li>\n\n\n\n
  • Management of platforms<\/strong> for buying, selling, or trading<\/li>\n\n\n\n
  • Transfer of crypto-assets<\/strong> on behalf of clients<\/li>\n\n\n\n
  • Advisory<\/strong> or execution of orders related to crypto-assets<\/li>\n\n\n\n
  • ICOs, IEOs<\/strong>, or other token issuances<\/li>\n\n\n\n
  • Staking services<\/strong> or financial services linked to digital assets<\/li>\n\n\n\n
  • Placement of crypto-assets<\/strong> or proprietary operations when directed to third parties<\/li>\n<\/ul>\n\n

    If you perform any of these activities\u2014even partially\u2014you are a CASP under MiCA.<\/strong> And if you are, the CNMV requires you to register and comply with specific legal, financial, and technical requirements.<\/p>\n\n

    What is NOT a CASP<\/strong><\/h2>\n\n

    These activities are outside the registration obligation:<\/p>\n\n

      \n
    • Individual or professional mining<\/strong> (if you do not provide services to third parties)<\/li>\n\n\n\n
    • Personal holding<\/strong> of crypto-assets without commercial activity<\/li>\n\n\n\n
    • Open-source software development<\/strong> without associated service directed to third parties<\/li>\n\n\n\n
    • Proprietary trading<\/strong> without external clients<\/li>\n\n\n\n
    • R&D activities<\/strong> without commercialization of services<\/li>\n<\/ul>\n\n

      Many companies believe they are off the radar, but by offering additional services\u2014such as custody\u2014they automatically fall into the CASP category. Here, coordination between specialized lawyers like IN DIEM<\/strong> and technical auditors like Cryptoveritas 360<\/strong> is key. <\/p>\n\n

      Why the CASP concept is key today: MiCA and the CNMV<\/strong><\/h2>\n\n

      MiCA<\/strong> (Markets in Crypto-Assets Regulation), the new European Regulation on crypto-asset markets, unifies for the first time the legal framework across all Member States. Its progressive application between 2024 and 2025 marks a turning point. <\/p>\n\n

      Its two major contributions are:<\/p>\n\n

        \n
      1. Exhaustively defines<\/strong> what a CASP is and what requirements it must meet<\/li>\n\n\n\n
      2. Requires companies<\/strong> to register and submit to continuous supervision<\/li>\n<\/ol>\n\n

        The CNMV as supervisor in Spain<\/strong><\/h3>\n\n

        In Spain, the CNMV is the authority responsible for authorizing and supervising CASPs.<\/p>\n\n

        It evaluates whether:<\/p>\n\n

          \n
        • You meet the legal, organizational, and technical requirements<\/strong><\/li>\n\n\n\n
        • You have effective anti-money laundering policies<\/strong><\/li>\n\n\n\n
        • You have adequate internal controls<\/strong> for your business model<\/li>\n\n\n\n
        • You can provide additional information<\/strong> when requested<\/li>\n\n\n\n
        • Your management team<\/strong> has the necessary integrity and experience<\/li>\n\n\n\n
        • Your technological systems<\/strong> are robust and secure<\/li>\n<\/ul>\n\n

          If you are not sure whether you meet the requirements, this article is for you.<\/p>\n\n

          Why should you register as a CASP?<\/strong><\/h2>\n\n

          Even if you think it does not apply to you or you can postpone it, registering is crucial for reasons that go beyond regulatory compliance.<\/p>\n\n

          Because it’s required<\/strong><\/h3>\n\n

          The CNMV requires registration if you provide crypto services included in MiCA. Failing to do so entails: <\/p>\n\n

            \n
          • Significant financial penalties:<\/strong> From tens of thousands to millions of euros, depending on business volume<\/li>\n\n\n\n
          • Immediate suspension of activity<\/strong> through administrative orders<\/li>\n\n\n\n
          • Irreversible loss of reputation<\/strong> once the sanction is made public<\/li>\n\n\n\n
          • Critical difficulties in opening or maintaining bank accounts<\/strong><\/li>\n\n\n\n
          • Problems with serious providers<\/strong> who require regulatory compliance<\/li>\n<\/ul>\n\n

            Because it protects your business and your customers<\/strong><\/h3>\n\n

            Registration ensures that:<\/p>\n\n

              \n
            • You have solid internal policies<\/strong> that prevent future problems<\/li>\n\n\n\n
            • You proactively manage operational and technological risks<\/strong><\/li>\n\n\n\n
            • You have secure systems<\/strong> that protect your clients’ assets<\/li>\n\n\n\n
            • You comply with AML\/CFT<\/strong>, avoiding more serious sanctions<\/li>\n\n\n\n
            • You offer complaint mechanisms<\/strong> that generate trust<\/li>\n<\/ul>\n\n

              In a sector where reputation is everything, this is essential.<\/p>\n\n

              Because it boosts your credibility with partners, customers, and investors<\/strong><\/h3>\n\n

              Registration is not just a formality: it is a protective shield that ensures:<\/p>\n\n

                \n
              • Institutional investors<\/strong> who previously avoided you now consider you<\/li>\n\n\n\n
              • Traditional financial institutions<\/strong> open their doors<\/li>\n\n\n\n
              • Top-tier technology providers<\/strong> prioritize your access<\/li>\n\n\n\n
              • B2B clients<\/strong> require the CNMV seal to collaborate<\/li>\n\n\n\n
              • Public administrations<\/strong> include you in their tenders<\/li>\n<\/ul>\n\n

                In a sector where reputation is everything, this is not an expense: it is the best marketing investment you can make.<\/p>\n\n

                Risks of not registering as a CASP<\/strong><\/h2>\n\n

                Operating without registration when you should have it is not just an administrative infraction: it is an existential threat to your business.<\/p>\n\n

                1. Legal Risk<\/strong><\/h3>\n\n
                  \n
                • Significant fines<\/strong> based on your turnover<\/li>\n\n\n\n
                • Possible criminal offense<\/strong> if you raise funds without authorization<\/li>\n\n\n\n
                • Personal liability<\/strong> of directors<\/li>\n<\/ul>\n\n

                  2. Reputational Risk<\/strong><\/h3>\n\n
                    \n
                  • CNMV sanctions are public and immediately visible<\/strong><\/li>\n\n\n\n
                  • Loss of trust<\/strong> from existing clients<\/li>\n\n\n\n
                  • Inability to attract<\/strong> new informed clients<\/li>\n<\/ul>\n\n

                    3. Operational Risk<\/strong><\/h3>\n\n
                      \n
                    • Greater likelihood of technological failures<\/strong> due to lack of controls<\/li>\n\n\n\n
                    • Security incidents<\/strong> not detected in time<\/li>\n\n\n\n
                    • Operational losses<\/strong> due to inadequate processes<\/li>\n<\/ul>\n\n

                      4. Commercial Risk<\/strong><\/h3>\n\n
                        \n
                      • Banks and providers<\/strong> block or limit services<\/li>\n\n\n\n
                      • Loss of the European passport<\/strong> for expansion<\/li>\n\n\n\n
                      • Exclusion from marketplaces<\/strong> and associated platforms<\/li>\n<\/ul>\n\n

                        5. Strategic Risk<\/strong><\/h3>\n\n
                          \n
                        • Your competitors who do comply<\/strong> gain competitive advantage<\/li>\n\n\n\n
                        • You are left out of major market opportunities<\/strong><\/li>\n\n\n\n
                        • Inability to scale<\/strong> in an orderly and secure manner<\/li>\n<\/ul>\n\n

                          Real benefits of registering as a CASP<\/strong><\/h2>\n\n

                          1. Operational legal certainty<\/strong><\/h3>\n\n

                          You know exactly what you can do and under what conditions. You make business decisions with legal certainty, not with fear. <\/p>\n\n

                          2. Stability to grow with confidence<\/strong><\/h3>\n\n

                          You can scale and open new business lines with regulatory backing. Investors fund growth, not uncertainty. <\/p>\n\n

                          3. Market trust that translates into revenue<\/strong><\/h3>\n\n

                          The CNMV seal increases your credibility and allows you to compete on equal terms with established players.<\/p>\n\n

                          4. Immediate European expansion with MiCA<\/strong><\/h3>\n\n

                          Spanish registration allows you to operate in all 27 EU countries through the “European passport.” Your potential market multiplies by 27. <\/p>\n\n

                          5. Sustainable competitive advantage<\/strong><\/h3>\n\n

                          It protects you from unregulated competitors who will disappear from the market. You are part of the solution, not the problem. <\/p>\n\n

                          6. Better internal processes that save costs<\/strong><\/h3>\n\n

                          The CNMV requires you to professionalize your organization, eliminating inefficiencies and reducing costly errors.<\/p>\n\n

                          7. Access to multiplying strategic alliances<\/strong><\/h3>\n\n

                          Financial and technological partners prioritize registered companies, offering you preferential terms.<\/p>\n\n

                          The registration process: What to expect and how to prepare<\/strong><\/h2>\n\n

                          CASP registration is not a simple form: it is a rigorous process that typically takes 3 to 6 months and requires:<\/p>\n\n

                          Critical documentation:<\/h3>\n\n
                            \n
                          • Descriptive report<\/strong> of the business model<\/li>\n\n\n\n
                          • Operational and compliance procedure manuals<\/strong><\/li>\n\n\n\n
                          • Corporate governance and risk management policies<\/strong><\/li>\n\n\n\n
                          • Detailed technical description<\/strong> of systems and security<\/li>\n\n\n\n
                          • Business plan<\/strong> and financial projections<\/li>\n\n\n\n
                          • Due diligence<\/strong> of directors and shareholders<\/li>\n<\/ul>\n\n

                            Key requirements:<\/h3>\n\n
                              \n
                            • Minimum capital<\/strong> appropriate to the volume and risk of activities<\/li>\n\n\n\n
                            • Professional liability insurance<\/strong> or equivalent own resources<\/li>\n\n\n\n
                            • Robust technological systems<\/strong> with independent audits<\/li>\n\n\n\n
                            • AML\/CFT procedures<\/strong> specific to crypto-assets<\/li>\n<\/ul>\n\n

                              Checklist: Are you a CASP and do you need registration?<\/strong><\/h2>\n\n

                              Answer yes or no to these critical questions:<\/p>\n\n

                                \n
                              • Do you offer crypto-asset custody services to third parties?<\/li>\n\n\n\n
                              • Do you manage a crypto-asset exchange platform?<\/li>\n\n\n\n
                              • Do you execute buy\/sell orders for clients?<\/li>\n\n\n\n
                              • Do you offer professional advisory services on crypto-assets?<\/li>\n\n\n\n
                              • Do you manage crypto-asset portfolios for investors?<\/li>\n\n\n\n
                              • Do you organize or promote token issuances?<\/li>\n\n\n\n
                              • Do you offer staking or lending services to third parties?<\/li>\n<\/ul>\n\n

                                If you answered YES to any:<\/strong> You are very likely a CASP under MiCA and need to begin your registration process.<\/p>\n\n