The National Securities Market Commission (CNMV), the primary financial regulator in Spain, has released a comprehensive list of 18 companies that are operating in the country without the necessary license. This list, which was published on February 26, includes various cryptocurrency companies like Bitbinx, Crytomerge, and CryptoMaxiTrade. The CNMV recognizes the limitations of its authority and advises concerned investors to consider seeking recourse through the ordinary courts of justice.
In 2023, the number of officially registered crypto companies in Spain increased by approximately 56%. The official registry, available as an Excel document on the central bank website, reveals that 30 companies were granted a virtual asset service provider license. Currently, there are 83 companies listed, including well-known multinational entities such as Binance, Bitpanda, Revolut, and Crypto.com.
In 2023, the CNMV and Spanish regulators took steps to solidify their approach to the crypto industry. The Spanish Ministry of Economy and Digital Transformation announced the accelerated implementation of the Markets in Crypto-Assets Regulation, the first comprehensive crypto framework of the European Union. As part of their efforts, the CNMV initiated its first case against a technology provider named Miolos in November 2023. Miolos was accused of violating crypto promotion regulations in Spain, allegedly failing to provide risk warnings or seek CNMV approval for its campaigns.
Spain maintains a prominent position within Europe and ranks fourth globally in terms of the number of cryptocurrency ATMs. The country currently has 310 operational machines, surpassing its neighboring countries like Germany, which has 178, and France, with only 16.
Simultaneously, the central bank of Spain is actively exploring the potential of a central bank digital currency (CBDC). In January 2024, the bank selected its collaborators for the pilot testing of a wholesale CBDC. It’s worth noting that the Spanish CBDC program is distinct and separate from the digital euro project, and if implemented, it would encompass all economies within the eurozone.
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