Spain is experiencing significant expansion in the cryptocurrency sector, with a 56% increase in the number of officially registered companies in 2023. According to the official registry published by the Bank of Spain, 30 companies obtained a virtual asset service provider license over 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, reflecting the ongoing surge of the sector. With barely a week left before the end of the year, the 53 companies added to the registry in 2022 still outnumber the 2023 figure, but this can be explained by the initial opening of the registry in 2022.
In 2023, several international platforms joined the registry, including names like Revolut, Bitpanda, Crypto.com, and Vivid. Despite recent announcements regarding Coinbase’s anti-money laundering compliance and Kraken’s registration as a virtual asset service provider, some major companies are still absent. Domestic companies remain dominant, holding 61 of the 85 issued licenses.
Spanish regulation in the crypto world
Spanish regulators have recently taken a proactive position towards the cryptocurrency market. In October, the Spanish Ministry of Economy and Digital Transformation announced the early implementation of the European Union’s Markets in Crypto-Assets Regulation, six months ahead of the deadline.
In November, the National Securities Market Commission opened its first case against a technology provider for violating cryptocurrency promotion rules in the country. That same month, the Spanish Tax Administration Agency introduced Form 721, a tax return for digital assets held abroad. Furthermore, the agency sent out 328,000 warning notices to individuals who failed to pay their cryptocurrency taxes for the 2022 fiscal year, marking a 40% increase compared to 2021.
