March 27, 2024
Spain's crypto industry experienced a surge of 56% in 2023
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Spain’s Crypto Industry Sees 56% Surge in Registered Companies in 2023

The count of officially registered crypto companies operating in Spain surged by approximately 56% in 2023, as disclosed by the official registry hosted on Spain’s Central Bank website, presented in XLS format. This year, 30 companies were granted licenses as virtual asset service providers.

Comparatively, with just over a week left in the current calendar year, the 53 companies added to the registry in 2022 seem more noteworthy than the 30 new licensees this year. However, this discrepancy could be attributed to the registry not being open before 2022.

The current year witnessed the inclusion of several international platforms like Revolut, Bitpanda, Crypto.com, and Vivid. Notably, some significant names remain absent from the registry, despite recent news about Coinbase securing anti-money laundering compliance registration and Kraken obtaining a virtual asset service provider registration. The majority of licenses, 61 out of 85, still belong to domestic companies, indicating their dominance in the market. Spanish regulators have notably taken a proactive approach toward the crypto market. In October, the Spanish Ministry of Economy and Digital Transformation announced the implementation of the Markets in Crypto-Assets (MiCA) Act six months ahead of the deadline.

In November, the National Securities Market Commission (CNMV) initiated its inaugural case against a technology provider for breaching crypto promotion regulations within the country. Simultaneously, the Spanish Tax Administration Agency introduced Form 721, a tax declaration specifically tailored for virtual assets held abroad. Furthermore, the agency issued 328,000 cautionary notices to individuals who had not paid their cryptocurrency taxes for the 2022 fiscal year. This represented a 40% surge in notices compared to the preceding year.

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