Crypto-assets, cryptocurrencies and/or related service providers have not been traditionally regulated in Spain. These products or services have only been captured to the extent they were embedded in other financial products (e.g. funds or derivatives) or in case they could qualify as a financial instruments directly (e.g. security tokens).
The Spanish Government recently issued a new royal-decree with the aim of protecting retail potential investors in digital financial instruments and assets (Royal Decree). This seeks to counter the increase of mass-market advertising campaigns in relation to the selling of crypto-assets, including bitcoin and other assets using Distributed Ledger Technology (DLT) targeted at the Spanish market.