Growth and Regulation in Spain's Crypto Market: A 2023 Overview
Summary:
Spain saw a 56% increase in officially registered cryptocurrency companies in 2023, according to the Central Bank's registry. Despite new international additions, domestic firms still dominate the market. Spanish regulatory bodies are actively enforcing crypto-markets, with initiatives such as the early implementation of the MiCA Act, action against rule violators, and increased tax regulation efforts.
In 2023, there was approximately a 56% increase in the number of cryptocurrency businesses officially authorized to operate in Spain. The Central Bank of Spain's official registry, which is published as an excel document on their website, reveals that this year 30 entities were awarded a licence to provide virtual asset services. Though the 53 companies that were added to the registry last year still outshine this year's addition of 30 new licensees, it's important to note that the registry only began to function in 2022. International platforms like Revolut, Bitpanda, Crypto.com, and Vivid were among the new additions this year. However, not all big players are included, with notable absences such as Coinbase and Kraken, despite recent reports of them achieving Anti-Money Laundering compliance registration and virtual asset service provider registration respectively. Spanish enterprises still control the market, having acquired 61 out of the total 85 licenses.
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Recently, Spanish regulators have been actively pursuing the cryptocurrency market. Six months ahead of the deadline, Spain's Ministry of Economy and Digital Transformation declared in October that they would enact the Markets in Crypto-Assets (MiCA) Act. A technology provider was sued by the National Securities Market Commission (CNMV) in November for contravening the country's rules on cryptocurrency promotion, marking the commission's first lawsuit of this type. The Spanish Tax Administration Agency instituted Form 721 in the same month, a tax reporting form for foreign-held virtual assets. Additionally, the agency sent 328,000 alerts to individuals who neglected to pay their cryptocurrency taxes for the 2022 tax year, a surge of 40% compared to the previous year.
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Published At
12/22/2023 1:44:45 PM
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