The National Securities Market Commission (CNMV) is advancing in the supervision of bitcoin (BTC) and cryptocurrencies in Spain under the Law for Cryptoactive Markets (MiCA), as confirmed by a member of the organization on October 8 during the Merge Madrid 2025 event.
Raquel García Alcubilla, head of Policy, Innovation and Sustainable Finance at the CNMV, said: “We have not reached 400 registrations yet, but we do have a few.”
The board participated in the panel “Global regulators and crypto” at Merge Madrid, where she stressed that This work “advances with firm steps” Despite the technical complexity of services such as staking and lending, according to what was reported by Spanish media.
The regulatory supervision to which García Alcubilla referred authorized this year entities such as the BBVA bank, which opened bitcoin trading services, and Bit2Me, which in July 2025 became the first Spanish bitcoin exchange with a MiCA license, as reported by CriptoNoticias.
According to the CNMV website, Spain now account with 45 approved virtual asset service provider registries (PSAV).
García Alcubilla stressed that coordination between national and European supervisors is essential to avoid asymmetries that harm the competitiveness of the markets.
In this regard, Francisco del Olmo, deputy director of fintech and cybersecurity at the CNMV, accelerated the call to action when he pointed out that “each country has different interpretations and this cannot be,” warning that Regulatory convergence avoids asymmetries that slow down competitiveness.
In parallel, the international debate, which also included the participation of the Financial Market Commission (CMF) of Chile, also highlighted lessons from Latin America.
At this point, all panel participants agreed that international harmonization and cooperation between supervisors are essential to provide stability and confidence to the digital asset ecosystem.