Spain is experiencing significant expansion in the crypto-currency space, with a 56% increase in the number of officially registered companies in 2023. According to the official register published by the Central Bank of Spain, 30 companies have been licensed as virtual asset service providers in the past year.
The Explosive Growth of the Crypto Sector in Spain
The growth in the number of crypto companies registered in Spain in 2023 is impressive, testifying to the sector’s continued expansion. With just a week to go before the end of the year, the 53 companies added to the register in 2022 still surpass the 2023 figure, but this can be explained by the initial opening of the register in 2022.
In 2023, several international platforms joined the registry, including names such as Revolut, Bitpanda, Crypto.com and Vivid. Despite recent announcements on Coinbase’s anti-money laundering compliance and Kraken’s registration as a virtual asset service provider, some major companies are still missing in action. Domestic companies remain dominant, holding 61 of the 85 licenses issued.
Spanish Regulation in the Crypto World
Spanish regulators have recently adopted an active stance towards the crypto-currency market. In October, the Spanish Ministry of Economy and Digital Transformation announced the early implementation of the European Union’s Crypto Asset Markets Regulation, six months ahead of the deadline.
In November, the National Securities Market Commission opened its first case against a technology provider for violating the rules for promoting crypto-currencies in the country. In the same month, the Spanish Tax Administration Agency introduced Form 721, a tax declaration for digital assets abroad. In addition, the agency sent 328,000 warning notices to those who had not paid their cryptocurrency taxes for the 2022 tax year, marking a 40% increase on 2021.
