6 minute read
Is MEXC Exchange Legal in Spain? A Clear Answer
from MEXC Exchange
by XM Blog
Yes, MEXC Exchange is legal to access in Spain, but it is not officially registered with Spanish financial regulators. This means you can use the platform, but you do so at your own risk, without protection from Spanish authorities. If you’re a Spanish resident or citizen considering using MEXC Exchange for crypto trading, you must understand the legal status, compliance concerns, and practical implications of using an unregistered exchange. This article will break down everything you need to know — from Spanish regulations, MEXC’s legal standing, taxation requirements, and safer alternatives.
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What Is MEXC Exchange?
MEXC is a global cryptocurrency exchange founded in 2018. Known for offering a wide range of altcoins, derivatives, futures trading, and staking services, MEXC operates in over 170 countries. The platform is popular for its deep liquidity and wide token variety, including low-cap and emerging tokens not found on other mainstream platforms.
However, despite its international reach, MEXC’s legal presence varies by jurisdiction — and that includes Spain.
Is MEXC Regulated in Spain?
No, MEXC is not registered with Spain’s Comisión Nacional del Mercado de Valores (CNMV) — the National Securities Market Commission responsible for overseeing financial and investment institutions in the country.
According to Spanish law, any crypto service provider offering services to Spanish residents must be registered with the Bank of Spain and comply with AML/CFT (Anti-Money Laundering and Counter-Terrorism Financing) regulations.
As of the latest available data, MEXC has not been listed in the Bank of Spain’s official crypto registry, which was created in 2021 following the Royal Decree-Law 7/2021.
This means:
MEXC is not officially authorized to operate as a Virtual Asset Service Provider (VASP) in Spain.
It is not under Spanish supervision for consumer protection or anti-money laundering compliance.
Spanish users trading on MEXC do not have legal recourse under Spanish law in case of disputes, hacks, or fraud.
Can You Still Use MEXC in Spain?
Yes, you can technically access and use MEXC in Spain.
There are currently no specific laws in Spain prohibiting citizens or residents from accessing foreign cryptocurrency platforms that are not registered locally. MEXC does not block IP addresses from Spain, and there are no geo-restrictions in place as of now.
However, using MEXC in Spain comes with several caveats:
Lack of investor protection: If the exchange is hacked, or if you lose your funds due to technical errors or internal fraud, Spanish authorities cannot help you recover your money.
Risk of future regulation: Spain or the European Union (EU) may tighten regulations in the near future under MiCA (Markets in Crypto-Assets Regulation), potentially restricting or banning the use of non-compliant platforms like MEXC.
Tax responsibilities still apply: Even if you use an unregistered platform, you're still legally obligated to declare crypto gains and pay taxes.
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What Are the Risks of Using MEXC in Spain?
Using MEXC while residing in Spain poses several risks:
1. Legal Ambiguity
While it's not illegal to use MEXC, the exchange operates in a legal gray area. It is not subject to oversight by Spanish regulators, which means it doesn’t follow local consumer protection laws.
2. No Financial Safeguards
MEXC is an offshore platform. If the company collapses, freezes withdrawals, or experiences a major hack, there are no deposit guarantees like the ones available for EU banks or registered exchanges.
3. Compliance Issues
The use of unregistered exchanges can raise red flags with banks and tax authorities, especially when large transactions are involved. It may also trigger account freezes if fiat conversions go through regulated financial institutions.
4. KYC and AML Concerns
MEXC is known for its relatively relaxed KYC (Know Your Customer) policies compared to regulated exchanges. This could be attractive for privacy-focused users, but it also makes the platform more susceptible to being used for illicit purposes — increasing the risk of regulatory scrutiny.
Spanish Crypto Tax Rules: What MEXC Users Must Know
Even if MEXC isn’t registered in Spain, the tax obligations of Spanish residents still apply.
Here's what you need to know:
1. Capital Gains Tax
Any profit from trading cryptocurrencies — including on platforms like MEXC — is subject to capital gains tax in Spain. The tax rates (as of 2025) are:
19% for gains up to €6,000
21% for €6,001 to €50,000
23% for €50,001 to €200,000
27% for amounts over €200,000
2. Form 720 (Declaración de Bienes en el Extranjero)
If your holdings on MEXC exceed €50,000, you are required to declare them under Form 720, which applies to foreign assets.
Failing to do so can result in severe fines and penalties, even if the income is later declared.
3. Crypto-to-Crypto Trades
Spanish law treats crypto-to-crypto trades (e.g., BTC to ETH) as taxable events. Even if you don't cash out to fiat, you'll need to calculate the euro value difference and pay the corresponding tax.
4. Airdrops, Staking, and Rewards
Any income earned via MEXC’s staking services or airdrops is also taxable under the general income tax base (IRPF), not just capital gains.
Will Spain Ban MEXC in the Future?
There’s no public indication that Spain plans to outright ban MEXC, but regulatory pressure is increasing.
Under the upcoming MiCA regulation (Markets in Crypto-Assets), scheduled to be fully enforced in the EU by the end of 2025, all crypto asset service providers (CASPs) must comply with strict requirements, including:
Local registration or passporting
Strong AML/KYC procedures
Full transparency of asset reserves
Consumer protection obligations
If MEXC does not obtain a license or partner with a regulated European entity, it may be blocked or restricted in Spain and other EU countries under MiCA.
What Are the Alternatives to MEXC in Spain?
If you’re worried about compliance or want more protection, consider using a crypto exchange that is already registered in Spain or the EU.
1. Binance Spain
Binance is officially registered as a VASP with the Bank of Spain (as of July 2022). It offers a wide range of coins, similar to MEXC, but under stricter compliance.
2. Bit2Me
This is a Spain-based exchange, fully compliant with Spanish regulations. It’s ideal for users who prefer local support and want to stay fully aligned with tax and legal requirements.
3. Kraken or Coinbase
Both are regulated in various European countries and expected to fully comply with MiCA. These exchanges are ideal for users who prioritize security, reputation, and legal protection.
Conclusion: Should You Use MEXC in Spain?
Yes, you can use MEXC in Spain — but you must understand the legal and financial risks.
While it is not illegal to trade on MEXC, the platform is not registered or regulated in Spain. That means you're on your own if anything goes wrong, and you're still responsible for declaring and paying taxes on your earnings.
If you are a beginner or risk-averse investor, consider using regulated exchanges that operate under Spanish or EU supervision. If you are an experienced trader seeking access to exotic altcoins and are comfortable navigating gray zones, MEXC may still be a viable option — as long as you stay informed and cautious.
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