Spanish financial regulator warns investors over 18 unlicensed entities

The NFT Unicorn 050e4e09-2ee7-4eab-8d23-bcc0590aa116 Spanish financial regulator warns investors over 18 unlicensed entities Crypto News

The National Securities Market Commission (CNMV), Spain’s principal financial regulator, has published a list of 18 companies operating in the country without a proper license. 

The CNMV published the list on Feb. 26. While it doesn’t contain household names, there are several crypto companies on the list: BITBINX, Crytomerge and CryptoMaxiTrade. According to the regulator:

“These companies are not registered in the corresponding registry of this Commission and, therefore, are not authorized to provide investment services or other activities subject to the supervision of the CNMV.”

The regulator acknowledges that its powers are limited, and advises concerned investors to consider going to the ordinary courts of justice. 

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The number of crypto companies officially registered to operate in Spain grew by roughly 56% in 2023. According to the official registry published as an Excel document on Spain’s central bank website, 30 companies were granted a virtual asset service provider license in 2023. By publication time, it includes 83 companies, including multinationals like Binance, Bitpanda, Revolut and Crypto.com.

Last year, the CNMV and Spanish regulators had been consolidating their policy toward the crypto industry. In October 2023, the Spanish Ministry of Economy and Digital Transformation announced the accelerated implementation of the first comprehensive crypto framework of the European Union, the Markets in Crypto-Assets (MiCA) Act.

In November 2023, the CNMV opened its first case against a technology provider, Miolos, for violating crypto promotion rules in the country. The company allegedly failed to publish risk warnings or submit its campaigns for CNMV approval.

Spain continues to hold a prominent position within Europe, and ranking fourth globally in terms of the number of cryptocurrency ATMs. Currently, the country boasts 310 operational machines, far surpassing its neighbors such as Germany with 178 and France with just 16.

At the same time, the country’s central bank is actively exploring the possibility of a central bank digital currency (CBDC). In January 2024, it chose its collaborators for the wholesale CBDC pilot testing.

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