Overview
- DAC8 takes effect on January 1, 2026, compelling exchanges and other crypto providers to collect and report user and transaction data to national tax authorities, with information shared across the EU and potential asset embargo or seizure for unpaid taxes.
- Crypto providers have until July 1, 2026 to fully align DAC8 reporting systems and controls, after which noncompliance can draw penalties under national laws.
- MiCA’s EU-wide authorization becomes mandatory on July 1, 2026, requiring Spanish crypto service providers to secure full licenses to continue operating.
- Spain adopted the maximum transition window, closed new Bank of Spain registrations after December 30, 2024, and moved oversight to the CNMV, which is now accepting MiCA applications with only a few entities licensed so far, including BBVA.
- Already regulated institutions such as banks or e-money firms may follow a simplified notification route under MiCA, while industry reports indicate notable compliance cost increases as providers prepare for the new regime.