The National Securities Market Commission (CNMV) is proceeding with the supervision of Bitcoin (BTC) and cryptocurrencies under the Virtual Currency Active Market Act (MiCA) in Spain, this was confirmed by members of the organization on October 8th during the Merge Madrid 2025 event.
“We have not yet reached 400 registrations, but we have registered a few,” said Raquel García Alcubilla, head of policy, innovation and sustainable finance at the CNMV.
The Board participated in Marge Madrid’s “Global Regulators and Cryptocurrencies” panel, where she highlighted: This work “proceeds with steady steps” Despite the technical complexity of services such as staking and lending, Spanish media reported.
According to a report by CriptoNoticias, regulators consulted by García Alcubilla have approved entities such as BBVA Bank, which launched Bitcoin trading services this year, and Bit2Me, which became the first Spanish Bitcoin exchange with a MiCA license in July 2025.
According to the CNMV website: Spain already has 45 approved registries of virtual asset service providers (Pusav).
García Alcubilla stressed that coordination between national and European supervisory authorities is essential to avoid asymmetries that undermine market competitiveness.
In this regard, Francisco del Olmo, Deputy Director of Fintech and Cybersecurity at the CNMV, accelerated the call to action, pointing out that “each country has a different interpretation and this cannot be possible,” warning: Regulatory convergence avoids asymmetries that reduce competitiveness.
In parallel, international discussions, which also included Chile’s Financial Markets Commission (CMF), highlighted lessons from Latin America.
At this point, all panel participants agreed that international harmonization and cooperation among supervisors are essential to providing stability and reliability to the digital asset ecosystem.
