March 27, 2024
Latest Cryptocurrency News

CNMV Exposes Unlicensed Crypto Companies Operating in Spain

The National Securities Market Commission (CNMV), Spain’s primary financial regulatory authority, has taken a decisive step in addressing the growing crypto industry by publishing a list of 18 companies operating in the country without the necessary licenses. The list, released on February 26, includes prominent names such as Bitbinx, Crytomerge, and CryptoMaxiTrade.

According to the CNMV, these companies are not registered in the corresponding registry of the Commission and, therefore, lack the authorization to provide investment services or engage in other activities under CNMV supervision. While the regulator acknowledges its limited powers in enforcing penalties, it advises concerned investors to seek legal recourse through ordinary courts of justice.

The move comes amid a significant surge in the number of officially registered crypto companies in Spain. In 2023, the number of companies granted a virtual asset service provider license increased by approximately 56%, as reported by Spain’s central bank. The current registry boasts 83 companies, including major players like Binance, Bitpanda, Revolut, and

Spain has been actively refining its regulatory stance on the crypto industry. In October 2023, the Spanish Ministry of Economy and Digital Transformation announced the accelerated implementation of the Markets in Crypto-Assets Regulation, the first comprehensive crypto framework within the European Union.

In a further display of regulatory action, the CNMV initiated its first case against a technology provider, Miolos, in November 2023. The company was accused of violating crypto promotion rules by failing to publish risk warnings and submit its campaigns for CNMV approval.

Spain’s crypto landscape continues to thrive, holding a prominent position within Europe and ranking fourth globally in the number of cryptocurrency ATMs. With 310 operational machines, the country outpaces its neighbors, with Germany having 178 and France only 16.

Simultaneously, Spain’s central bank is exploring the potential of a central bank digital currency (CBDC). In January 2024, collaborators were selected for the pilot testing of a wholesale CBDC, showcasing Spain’s unique approach. The program, independent of the digital euro project, has the potential to cover all economies in the eurozone if implemented. Spain’s commitment to embracing crypto innovation, alongside regulatory measures, marks a dynamic evolution in its financial landscape.

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