Spanish financial watchdog cautions investors about 18 unlicensed entities

Crypto News– The National Securities Market Commission (CNMV), Spain’s primary financial regulatory authority, recently released a list of 18 companies operating within the country without the necessary licensing. Among these companies are several dealing in cryptocurrencies such as Bitbinx, Crytomerge, and CryptoMaxiTrade. The CNMV emphasized that these entities lack registration in the commission’s registry and are therefore not authorized to offer investment services or other activities under CNMV supervision.

Spanish financial watchdog cautions investors about 18 unlicensed entities

While acknowledging its limited authority, the regulator advised concerned investors to consider legal recourse through ordinary courts. The crypto sector in Spain has seen significant growth, with the number of officially registered companies increasing by approximately 56% in 2023. According to the official registry on Spain’s central bank website, 30 companies were granted licenses as virtual asset service providers in that year, bringing the total to 83, including major players like Binance, Bitpanda, Revolut, and Crypto.com.

In 2023, the CNMV and Spanish regulators solidified their stance on the crypto industry. The Spanish Ministry of Economy and Digital Transformation announced plans for accelerated implementation of the European Union’s first comprehensive crypto framework, the Markets in Crypto-Assets Regulation. Additionally, the CNMV initiated its first case against a technology provider, Miolos, in November 2023, for allegedly violating crypto promotion regulations by failing to publish risk warnings or seek CNMV approval for its campaigns.

Spain holds a significant position in Europe’s crypto landscape, ranking fourth globally in cryptocurrency ATMs with 310 operational machines, surpassing neighboring countries like Germany and France. Simultaneously, the country’s central bank is actively exploring the potential of a central bank digital currency (CBDC). In January 2024, collaborators were selected for pilot testing of a wholesale CBDC, with Spain’s CBDC program aiming for independence from the digital euro project and potential coverage of all economies within the eurozone if implemented.