The principal financial regulator of Spain, the National Securities Market Commission (CNMV), has released a comprehensive list of 18 companies that are operating in the country without the necessary license. This list, published by the CNMV on February 26, includes various crypto companies like Bitbinx, Crytomerge, and CryptoMaxiTrade. The regulator, while acknowledging its limited powers, advises concerned investors to consider seeking recourse through the ordinary courts of justice.
In terms of officially registered crypto companies in Spain, there has been a significant increase of approximately 56% in 2023. According to the official registry, which is available as an Excel document on the central bank website of Spain, a total of 30 companies were granted a virtual asset service provider license in 2023. As of now, the registry lists 83 companies, including well-known multinational entities such as Binance, Bitpanda, Revolut, and Crypto.com.
The CNMV and other Spanish regulators have solidified their stance on the crypto industry in 2023. In October of that year, the Spanish Ministry of Economy and Digital Transformation announced the accelerated implementation of the first comprehensive crypto framework of the European Union, known as the Markets in Crypto-Assets Regulation.
Furthermore, in November 2023, the CNMV initiated its first case against a technology provider named Miolos for violating crypto promotion regulations in the country. Allegedly, the company did not publish risk warnings or seek approval from the CNMV for its campaigns.
Spain continues to be a prominent player in the European cryptocurrency scene and ranks fourth globally in terms of the number of cryptocurrency ATMs. The country currently boasts 310 operational machines, surpassing neighboring countries like Germany with 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 collaborators for the pilot testing phase of a wholesale CBDC. Notably, the Spanish CBDC program is distinct as it has been publicly declared to be independent of the digital euro project and has the potential to cover all economies within the eurozone if implemented.
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