Yes: a legal entity can buy cryptocurrencies. In Spain — and across the EU — there is no general prohibition stopping a limited company, a public company, a foundation or any entity with legal personality from acquiring and holding Bitcoin or other crypto-assets on its balance sheet, just as it holds cash, financial investments or property. The relevant question is not whether it can, but how to do it well: with which providers, under what governance, and with what tax and accounting treatment. This guide walks through the three layers — legal, tax and operational — that a director or CFO needs to have clear before the first purchase.
What is a legal entity, and why can it hold cryptocurrencies?
A legal entity is an organization with its own legal personality, distinct from that of its members — a limited company (LLC/SL), a public company (SA), a foundation, an association or a cooperative — that can hold rights and obligations, and therefore assets. Cryptocurrencies, as a matter of property, are just another asset. That is why a company can buy, custody and hold them on its balance sheet exactly as it would any other investment. What changes versus an individual is not the possibility, but the governance, accounting and tax framework that applies.
More than 180 listed companies worldwide already hold Bitcoin on their balance sheet, led by Strategy (formerly MicroStrategy). But the operation is within reach of any company, not only listed ones: what it requires is doing it in an orderly, documented way.
The legal framework: MiCA, regulated providers and AML
A company that buys cryptocurrencies does not need a licence to do so — it is not providing a service, it is investing its treasury — but it must operate through regulated providers. Since 30 December 2024, the European MiCA regulation (Regulation EU 2023/1114) has been fully applicable to crypto-asset service providers (CASPs). In Spain, the CNMV is the competent authority to authorize and supervise these providers, with a transitional period for pre-existing operators ending on 30 June 2026.
For the legal entity this translates into a practical rule: buy and custody through exchanges and custodians authorized as CASPs or equivalents, not through unregistered platforms. On top of that come anti-money-laundering obligations (know-your-customer, source of funds) that apply both to the provider and to the company's own operations. Operating with a regulated counterparty is not just a compliance matter: it is what makes the position auditable and defensible before partners, banks and the authorities.
How a legal entity's cryptocurrencies are taxed
This is the substantive difference versus a private investor. An individual is taxed on crypto gains under personal income tax; a legal entity is taxed under corporate income tax. Gains from crypto-assets — whether from a sale, from use as a means of payment, or from a swap — are included in the tax base like any other income from the activity.
In Spain, the general corporate income tax rate is 25%, with a reduced 23% rate for entities whose turnover is below one million euros, and 15% for newly created entities during their first two profitable years. To determine which units are considered sold, the FIFO criterion (first in, first out) applies. From 2026, the European DAC8 directive reinforces the automatic exchange of information: the tax administration will receive data from service providers on their clients' transactions. And if the entity holds crypto-assets custodied abroad above the established thresholds, there may be an obligation to declare them (in Spain, via form 721).
One caveat worth underlining: crypto taxation evolves fast and its application depends on the specific case. The figures above are the picture as of this guide; any decision should be validated with a tax adviser.
How they are recognized on the balance sheet
On the accounting side, a Spanish company reporting under IFRS — or under the local accounting plan, which follows an analogous logic — records Bitcoin as an intangible asset carried at cost less impairment, in line with IAS 38. That is: losses are recognized, but unrealized gains are not until the sale. It is a less favourable treatment than the US one, where the FASB ASC 350-60 standard has required fair-value measurement since 2025. The difference matters for understanding how volatility will show up in the financial statements, and we develop it in the guide to Bitcoin accounting: FASB vs IFRS.
The operations: how a legal entity buys and custodies
With the framework clear, execution follows a sensible order:
1. Approve a treasury policy. Before the first purchase, the governing body should approve a Bitcoin treasury policy setting how much is acquired, at what cadence, under what custody and who governs it. It is what turns a one-off decision into an auditable strategy.
2. Choose the exposure route. There are two paths. Direct purchase and custody of Bitcoin through a regulated custodian, which gives real ownership of the asset and control of the keys. Or indirect exposure via equity and ETFs — shares of Bitcoin treasuries or exchange-traded funds — which requires custodying nothing, in exchange for not holding the underlying asset. Each has its own risk, custody and accounting profile.
3. Resolve custody. For a company, institutional custody — with cold storage, multisig, asset segregation, insurance and proof of reserves — offers auditable guarantees to partners and regulators without building in-house infrastructure; you can compare the main crypto custodians by charter, technology and insurance. Self-custody is possible, but it shifts all operational responsibility to the company.
4. Define accounting and tax with the auditor and tax adviser before executing, and do it gradually.
The full execution path is in the guide to how to buy Bitcoin for your company, and the whole cluster for treasuries and CFOs lives in the Bitcoin for companies hub.
This article is informational, not legal, tax or financial advice. Rules evolve and their application depends on the specific case: always validate with your advisers before acting.
In summary
A legal entity can buy cryptocurrencies with no general restriction in Spain. The difference between doing it well or badly lies in three layers: operating with MiCA-regulated providers, taxing correctly under corporate income tax with the reporting obligations 2026 demands, and applying the intangible accounting treatment under IFRS. With those three resolved, adding Bitcoin to a company's treasury is just another investment decision — orderly and defensible. At SatsIntel we support companies and family offices in designing and executing their Bitcoin treasury strategy.
