Fintech Market Overview

This article does not constitute legal advice.

Smart contracts in Spain

Fintech Software

Similarly to ICOs, cryptocurrencies and tokens, self-executing contracts are not specifically regulated in Spain and so are permitted and subject to Spanish contract law like any other contract. There are no particular arbitration or mediation schemes for self-executing contracts. These mechanisms are available on the same terms as for any other contract. Although self-executing contracts are not specifically regulated as such, we believe the following rules should be taken into account:

  • should the self-executing contract consist of pre-established clauses imposed by one of the parties for a generality of contracts, Law 7/1998 of 13 April 1998 on general contracting conditions will apply, which imposes certain conditions and interpretation rules, as well as a public registry for general conditions;
  • if a self-executing contract is entered into with consumers, Royal Legislative Decree 1/2007 of 16 November 2007 approving the revised text of the General Consumers Law would also apply. This regulation establishes guiding principles applicable to relationships between consumers (understood as legal or natural persons acting in a context that falls outside their entrepreneurial or professional activities) and entrepreneurs;
  • also of note is Law 34/2002 of 11 July 2002 on services of the information society and electronic commerce, which would apply if the contract is entered into by electronic means. It establishes a regulatory regime for electronic agreements (e.g., the information to be provided to the contracting parties prior to and after the execution of the agreements, the conditions applicable for electronic agreements to be valid, and other obligations applicable to the electronic providers); and
  • if the contract falls into the definition of a financial service, Law 22/2007 of 11 July 2007 on the distance marketing of financial services addressed to consumers, setting out the rules for electronic agreements and electronic marketing communications, would also apply. 1

Fully automated investment processes are not regulated as such under Spanish law. However, some provisions of Regulation (EU) No. 596/2014 and MiFID II, which refer to algorithmic trading and high-frequency trading strategies, apply.1

Client identification in Spain

Fintech in Spain

Fintech in other countries

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Spanish Fintech Lawyers

Denis Polyakov

Denis Polyakov

Comprehensive legal services for businesses on corporate, tax law, cryptocurrency legislation, investment activities

Viacheslav Losev

Viacheslav Losev

Legal support for FinTech and Blockchain projects

Kristina Berkes

Kristina Berkes

Participation as a lawyer at investment venture funds, leading venture M&A deals in IT, supporting iGaming and business assets

  1. https://thelawreviews.co.uk/title/the-financial-technology-law-review/spain
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