In this case if you have a project that can go beyond 1mill € (I can't think of any that could reach that quantity, but that's another question), you'll have to be creative and create a company in the UK or USA to manage it.
Reading the article I realize that what they are trying to do with the new law (that basically makes the crowd-founding unusable for startups), is to protect the small investor. We've had several small investors scams (one of them by Caja Madrid, a big savings bank), in all the cases, the regulators were accused of being too little involved.
I have to agree that is a matter of time before there is a big scam with crowd-founding in Spain. So the Spanish bureaucratic logic says you'd better punish all of them(those dangerous crowd-founders) before a notorious crime is committed. Sad
Edit: added the last paragraph. Edit2: readability and typos.