Spain's main financial regulator, the National Securities Market Commission (CNMV), has published a list of 18 companies operating in the country without the proper licenses.
The list, published by CNMV on February 26, includes several cryptocurrency companies including Bitbinx, Crytomerge, and CryptoMaxiTrade. According to the regulator:
“These companies are not registered with the commission’s corresponding register and are therefore not authorized to provide investment services or other activities regulated by the CNMV.”
The regulator acknowledged that its powers are limited and advised concerned investors to consider taking action to the ordinary courts. In 2023, the number of cryptocurrency companies officially registered to operate in Spain increased by approximately 56%. According to official registration information published as an Excel document on the Bank of Spain’s website, 30 companies obtained virtual asset service provider licenses in 2023. At the time, it included 83 companies, including multinationals such as Binance, Bitpanda, Revolut, and Crypto.com.
The CNMV and Spanish regulators solidified policies for the crypto industry in 2023. In October 2023, the Spanish Ministry of Economy and Digital Transformation announced the accelerated implementation of the EU’s first comprehensive crypto framework – Cryptoasset Market Regulation.
In November 2023, the CNMV filed its first case against technology provider Miolos, accusing it of violating the country’s cryptocurrency promotion rules. The company allegedly failed to issue risk warnings or submit its activities for CNMV approval.
Spain continues to have a strong presence in Europe, ranking fourth in the world for the number of cryptocurrency ATMs. The country has 310 machines in operation, far more than neighboring countries such as Germany (178) and France (just 16). At the same time, the country’s central bank is actively exploring the potential of a central bank digital currency. In January 2024, it selected collaborators to conduct pilot testing of wholesale CBDC. The Spanish CBDC plan is unique in that it is publicly stated to be independent of the digital euro project and, if implemented, would cover all eurozone economies.
