Economy presents next week the law of digitalization and modernization of the financial system

After approval by the Council of Ministers, the so-called law on digitalization and modernization of the financial system is not yet properly in the “parliamentary phase,” but rather in the final governmental phase. As soon as the Government sends it to the Congress of Deputies, it becomes a bill in the initial processing phase, starting with its registration, qualification, and admission for processing by the Board. Once admitted, it is published and the period for submitting amendments opens, marking the effective start of parliamentary work on the text. It is in this initial stage —admission, publication, and opening of amendments— where the bill will be immediately after its submission to the Cortes.

From the Council of Ministers to the General Courts

According to the general scheme for processing bills in Spain, the first phase takes place in the Executive: the Government drafts the text and approves it in the Council of Ministers. At this point, the norm is still a preliminary draft already converted into a governmental bill, but without its own parliamentary life. The key step to enter the orbit of the Cortes is the formal submission to the Congress of Deputies, which is the ordinary starting chamber for government bills.

Therefore, after approval by the Council of Ministers, the law on digitalization and modernization of the financial system will be, in legal terms, in the transition between the governmental phase and the beginning of the parliamentary phase, awaiting that submission and registration in Congress.

Registration, qualification, and admission for processing

Once the Government sends the bill to Congress, the first block of parliamentary processing is activated, which sources describe as:

• Drafting and submission: the Government approves the bill in the Council of Ministers and sends it to Congress.
• Qualification and admission for processing: the Board of Congress examines the bill, verifies that it meets formal requirements, and admits (or not) it for processing.

In this phase, the bill is registered in the Chamber and receives a file number. The Board’s decision to “qualify and admit” is what formally grants it entry into the parliamentary agenda. When speaking generally of the “consideration phase,” it usually refers precisely to that initial moment when the Chamber formally decides that the text will continue its parliamentary course.

Publication and opening of the amendment period

After admission for processing, another relevant milestone occurs that marks the start of political debate on the content:

• Publication: the bill is officially published for the knowledge of deputies and the public opinion.
• Opening of the period for submitting amendments: “After admission for processing, a period opens for parliamentary groups to submit amendments to the bill’s text.”

It is in this phase that the different groups can propose amendments to the articles, suggesting partial modifications on specific articles of the text sent by the Government. Legally, the opening of this period indicates that the bill has passed the threshold for access to processing and enters its phase of discussion and potential modification.

From a practical point of view, after approval in the Council of Ministers, the law on digitalization and modernization of the financial system will therefore be in this initial parliamentary block: first pending admission by the Board and, once admitted, in the stage of publication and open amendment period.

Connection with the totality debate

The next step, once the amendment period has ended, is the so-called totality debate in the Plenary of Congress. Sources indicate that in this debate the entire text is discussed and total amendments may be presented for its global rejection or return to the Government. Although this debate is already a later phase, it is usually considered the culmination of that first stage of political “consideration” of the bill.

In summary, after the Council of Ministers and submission to Congress, the law will be in the initial phase of parliamentary processing, chaining three moments: registration and qualification, admission for processing by the Board, and publication with opening of the amendment period to the articles. Only afterward will come the totality debate in Plenary and, later, processing in committee, Senate, and final sanction and promulgation.

Carlos Cuerpo, as First Vice President of the Government and Minister of Economy, Commerce, and Business, does not have a distinct “own financial competence” created ad hoc, but his powers derive from Law 50/1997 of the Government and the royal decrees organizing the Executive. Legally, his role in financial regulation combines: 1) the generic functions of vice president (what the president delegates to him) and 2) the material competencies of the Ministry of Economy over the financial system, securities markets, and economic regulation. Direct supervision (Bank of Spain, CNMV, etc.) is exercised by those bodies, while Cuerpo leads the normative initiative and political and European coordination in the matter.

General framework: Law 50/1997 and Constitution

The Law 50/1997, of the Government specifies, based on article 98 of the Constitution, the position of vice presidents and ministers:

• Art. 2 et seq.: the Government directs internal and external policy and exercises executive function and regulatory power.
• Vice Presidencies: “the Vice President or Vice Presidents, when they exist, shall exercise the functions entrusted to them by the President.” The vice president who assumes a Ministerial Department “shall also hold the status of Minister.”
• Ministers: as heads of their Department, “they develop the Government’s action in their scope,” exercise regulatory power in their own matters, and prepare and execute bills and royal decrees in their area.

The appointment of Carlos Cuerpo as first vice president is formalized by Royal Decree 258/2026, which invokes articles 62 and 100 of the Constitution (appointment of Government members by the King).

First Vice Presidency of the Government

According to the newspaper Demócrata, the BOE that formalizes the replacement of María Jesús Montero includes a general provision on the First Vice Presidency, which corresponds to “the exercise of the functions entrusted to it by the President of the Government, as well as the presidency of the Government Delegated Commission determined in the corresponding royal decree” (Demócrata article).

From this it follows that, in financial regulation matters:

• As first vice president, Cuerpo can assume political coordination of the economic and financial agenda when decided by the president (for example, presiding over the Council of Ministers in the president’s absence, as highlighted by Demócrata in another piece).
• He presides over the Government Delegated Commission of an economic nature assigned to him, a key forum where decisions on the financial system, bank mergers, or positions before the EU are prepared, although the concrete organizational details do not appear developed in the available sources.

Ministry of Economy, Commerce, and Business and financial regulation

The official profile of the minister on the Ministry of Economy portal indicates that Cuerpo directs the Ministry of Economy, Commerce, and Business, responsible for economic, commercial, and business policy (official profile; also biography at Moncloa). Combining the information from Law 50/1997 and Demócrata news, his legal role in financial regulation can be summarized as follows:

• Legislative and regulatory initiative: he is responsible for promoting bills and royal decrees on:
  • Financial system rules (banking, solvency, restructurings), although prudential supervision falls to the Bank of Spain and the ECB.
  • Securities markets regulation and corporate governance frameworks later applied by the CNMV, which develops technical details through circulars (for example, CNMV Circular 2/2025 or the update of the Internal Regulations referred to in this note).
  • Aspects of insurance and pension funds, usually channeled through the Directorate General of Insurance and Pension Funds (see, for example, DGSFP Circular 2/2024).
• Relationship with supervisors: Demócrata notes and those of the bodies themselves show that:
  • The CNMV acts as market supervisor, autonomously, but in close interaction with Economy (participation of the ministry and the Bank of Spain in groups such as the Good Governance Code).
  • The Bank of Spain exercises banking supervision autonomously (Law 13/1994), while the ministry leads Spanish regulatory adaptation and positions before the European Commission; Demócrata reports, for example, that Economy is preparing a reform to reflect the exclusive competence of the ECB/Bank of Spain in bank mergers, maintaining margins for CNMC and other regulators (analysis on bank mergers).
• Management of the financial legislative agenda: Demócrata emphasizes that Cuerpo has under his portfolio several key financial laws blocked in Congress, including the financial consumer protection law and the law on credit administrators and buyers, directly linked to the regulation of financial intermediaries (report on his legislative “duties”).
• Representation in European and international forums: although not recorded in a specific article of the sources, official biographies note that Cuerpo leads the Spanish position in Ecofin/Eurogroup and international financial institutions, which in practice means defending and negotiating financial regulation affecting the Spanish system.

Limits and distribution of competencies

Specialized news remind that Cuerpo does not assume operational supervision of the financial system: this is autonomous in the Bank of Spain (banking supervision), the CNMV (securities markets), and the CNMC (competition and some market aspects). His legal competence is to design, propose, and coordinate regulation and economic and financial policy, within the framework of Law 50/1997 and ministerial structure royal decrees, and to exercise political direction over senior officials of the Ministry of Economy who interact daily with these supervisors.

Other official and contextual references

Besides the cited Demócrata pieces, the following normative references and official communications are relevant, illustrating the regulatory and supervisory environment in which Cuerpo’s competencies are inscribed:

Law 19/2011, TC Ruling 144/2017, Order PRE/3783/2003, Order PRE/1339/2003, Resolution D.G. Labor 22/05/2025, CNMV Circular 2/2025, CNMV Resolution 5/03/2025, DGSFP Circular 2/2024, Order ECM/1501/2024, Cuerpo’s intervention in Congress, CNMV note on ESMA, CNMV–OECD corporate governance, appointment in Economic Policy, renewal of BdE board member, BdE Governing Council statement, BdE Strategic Plan 2030, ICO–Bank of Spain agreement, appointment at BdE, Cuerpo’s political profile in Demócrata, designation of Cuerpo and España, Senate debut.

After the full application of MiCA, in Spain only entities with authorization from the CNMV or a passport from another Member State may operate as crypto-asset service providers (CASP). This authorization is processed according to Regulation (EU) 2023/1114 (MiCA) and Law 6/2023 on Securities Markets, which designates the CNMV as the competent authority for non-financial crypto-assets. The CNMV has specified this framework through an authorization manual, standardized models, and the adoption of several European guidelines. Below is a summary of the most relevant material requirements that providers must meet to obtain and maintain this authorization.

Basic legal framework and transitional period

The internal pillar is Law 6/2023 on Securities Markets, which adapts the Spanish legal system to MiCA and grants the CNMV supervision, advertising intervention, and sanctioning powers in crypto-assets.

At the European level, MiCA (Regulation (EU) 2023/1114) is directly applicable. The CNMV has clarified the transitional regime in its sector communication of 19/12/2024 and in the communication of 15/06/2026 about the end of the transitional period: only entities that have obtained MiCA authorization and appear in the CNMV or another European authority’s registers will continue operating in Spain.

Authorization procedure and documentation

The CNMV has published the Manual for the application for authorization of crypto-asset service providers and the notification model for financial entities. Both are mandatory and detail the documentation and information to be provided (business plan, organizational structure, internal policies, etc.). The CNMV also recommends prior meetings with the Authorization and Entity Registration Department (DARE) to organize the file.

In parallel, the draft amendment of circulars described in this public consultation note anticipates that CASPs must submit audited annual accounts and reserved statement models, configuring a reporting regime similar to that of investment services firms.

Prudential, solvency, and internal organization requirements

According to the set of criteria summarized by the CNMV and specialized doctrine (for example, Molina Law Boutique and In Diem, which systematize supervisory practice):

• Capital and solvency: a minimum initial capital is required in three tiers (€50,000, €125,000, or €150,000) depending on the crypto-asset services provided, in addition to proving sufficient own resources.
• Substance in Spain: the entity must have real presence (domicile, management team, and operational staff) and not be a mere “shell” of a foreign group.
• Governance and internal control: structures and procedures must exist to ensure sound and prudent management, risk management, and regulatory compliance.
• Anti-money laundering: strict compliance with Law 10/2010 and European AML/CFT regulations, with KYC policies, transaction monitoring, and suspicion reporting.
• Operational security and custody: technical guarantees to protect systems, cryptographic keys, and client funds, including measures against cyberattacks.

Suitability of administrators and shareholders

The CNMV has incorporated specific European guidelines on suitability through the note “The CNMV adopts European guidelines to assess suitability…”. Administrators and shareholders with qualified participation must pass an evaluation of:

• Honesty and reputation (absence of records or conduct questioning their integrity).
• Experience and knowledge adequate for the crypto-asset business model.
• Sufficient dedication capacity and absence of relevant conflicts of interest.
• AML/CFT checks, ruling out money laundering or terrorism financing risks.

Relationship with clients, information, and investor protection

ESMA guidelines adopted by the CNMV on training of personnel advising on crypto-assets, reported by the newspaper Demócrata in this news, require that personnel:

• Have sufficient knowledge and skills about the products offered.
• Explain to clients essential characteristics, costs, and commissions.
• Inform about risks such as high volatility, cybersecurity, inadequate key custody, software failures, and transfer risks.

Additionally, five other MiCA guidelines adopted by the CNMV (note of 13/05/2025) develop, among other aspects, client suitability assessment (similar to MiFID), crypto-asset transfer policies (prior information, deadlines, execution, responsibility in unauthorized transfers), and system and security protocol requirements.

Continuous supervision and closure of unauthorized entities

The joint statement with ESMA on the end of the transitional period (ESMA declaration and CNMV communication) makes clear that unauthorized CASPs must reduce or orderly close their activity, with client migration plans to authorized providers. Operating in Spain without authorization after MiCA may lead to sanctions and inclusion in the CNMV’s list of “financial chiringuitos.”

In sum, MiCA authorization in Spain is not limited to a formal registration: it requires capital and solvency, real structure in Spain, suitable governing bodies and shareholders, robust compliance policies, client protection, and technological security, all under a regime of periodic reporting and continuous supervision by the CNMV.