Spain's Regulator Identifies 18 Unlicensed Firms, Continues Crypto Industry Expansion
Summary:
Spain's chief financial regulator, the National Securities Market Commission, has identified and warned against 18 unlicensed firms in the country, including crypto companies BITBINX, Crytomerge, and CryptoMaxiTrade. The CNMV encourages investors to seek legal help if needed. Meanwhile, the number of registered crypto corporations in Spain has risen by approximately 56% in 2023. The Spanish Ministry of Economy and Digital Transformation has implemented the EU's first comprehensive crypto framework, the MiCA Act. Spain is presently assessing the feasibility of a central bank digital currency (CBDC).
Spain's chief financial watchdog, the National Securities Market Commission (CNMV), has released a list of 18 firms currently operating within the country without the necessary accreditation. This list, released on Feb. 26, houses several crypto firms despite not featuring any majorly recognizable names. Firms like BITBINX, Crytomerge ,and CryptoMaxiTrade lack registration in the CNMV's appropriate registry, and hence lack authority to offer investment services or other activities within CNMV's purview. Although the CNMV has cautioned investors regarding these companies, it acknowledges a limited extent of its powers, suggesting aggrieved investors seek legal recourse.
The number of officially licensed crypto firms in Spain saw a significant increase of approximately 56% in 2023, with official reports listing 30 companies awarded the virtual asset service provider license in the same year. As of reporting time, this includes 83 entities, featuring global enterprises like Binance, Bitpanda, Revolut, and Crypto.com. The CNMV, along with Spanish regulatory bodies, joined forces last year to solidify their approach towards the crypto sector. As of October 2023, the Spanish Ministry of Economy and Digital Transformation set into motion the implementation of the European Union's first comprehensive crypto framework, the Markets in Crypto-Assets (MiCA) Act. Subsequently, November 2023 saw the CNMV lodging its first case against technology provider Miolos, citing infringement of the country's crypto promotion rules, as Miolos failed both to publish risk warnings, and to seek CNMV approval for its campaigns.
Spain continues to establish itself as a key player within Europe, and as the world's fourth largest operator of cryptocurrency ATMs. The country is home to 310 functional machines, far outnumbering neighbors such as Germany and France, with 178 and 16 units respectively. Simultaneously, the country's central bank is keenly investigating the potential for a central bank digital currency (CBDC) and selected its partners for wholesale CBDC pilot testing in January 2024.
Published At
2/27/2024 12:53:26 PM
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