The National Securities Market Commission (CNMV), Spain's main financial regulator, recently published a list of 18 companies operating without proper licenses in the country. Among these entities, several cryptocurrency companies, such as Bitbinx, Crytomerge and CryptoMaxiTrade, have been highlighted, highlighting increased vigilance in the cryptocurrency sector in Spain.
The CNMV and its warning
On February 26, the CNMV warned of entities, including in the field of cryptocurrencies, operating without the required registration. These companies, according to the regulator, "are not registered in the corresponding register of this Commission and, therefore, are not authorized to provide investment services." This situation poses a significant risk for investors, pushing them to turn to ordinary courts with concerns.
The cryptocurrency landscape in Spain
The year 2023 marked an approximately 56% growth in the number of cryptocurrency businesses officially registered to operate in Spain. With multinational giants like Binance, Bitpanda, Revolut and Crypto.com among the 83 companies listed, Spain is consolidating its position as an important hub for the cryptocurrency industry.
Regulatory actions in 2023
Under the aegis of the Ministry of Economy and Digital Transformation, Spain has accelerated the implementation of the European Union's first comprehensive regulatory framework for crypto asset markets. In addition, the CNMV took action against the technology company Miolos for non-compliance with the rules for promoting cryptocurrencies, marking a significant step in the regulation of the sector.
Spain, a key player in the cryptocurrency ecosystem
With 310 operational cryptocurrency ATMs, Spain ranks fourth in the world, far ahead of its European neighbors. This impressive number reflects the growing adoption and integration of cryptocurrencies in the Spanish economy.
Towards a central bank digital currency
Spain is actively exploring the potential of a central bank digital currency (CBDC), with pilot test plans launching in January 2024. This project, separate from the digital euro project, could cover all euro zone economies if implemented, highlighting Spain's ambition and innovation in the digital financial field.
Conclusion
The CNMV's warning against entities operating without proper licensing highlights Spain's ongoing efforts to regulate and secure the cryptocurrency ecosystem. With a leading position in Europe for cryptocurrency ATMs and ambitious initiatives towards a CBDC, Spain is establishing itself as a key player in the global cryptocurrency landscape, offering promising prospects for the future.
