Overview
- DAC8 takes effect on January 1, 2026, requiring exchanges to report users’ transactions, balances, and fund flows to EU tax authorities.
- MiCA becomes fully enforceable on July 1, 2026, obliging crypto service providers to obtain CNMV authorization or cease operating in Spain.
- The CNMV is accepting MiCA applications under an extensive 100+ page dossier, with only a small group of firms, including BBVA, currently licensed.
- Spain adopted the maximum MiCA transition period, allowing firms registered with the Bank of Spain before December 30, 2024 to continue operating, with additional proof required for portfolio management or advice services.
- Experts warn DAC8 disclosures could enable the Spanish tax agency to freeze or liquidate assets to recover tax debts, while some banks and e-money institutions may use a simplified notification route.