Spanish financial regulator warns investors over 18 unlicensed entities

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The list contains several crypto firms among companies trading without the correct licenses.

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Spanish financial regulator warns investors over 18 unlicensed entities

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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, which includes several crypto companies, such as 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. At publication time, it includes 83 companies, including multinationals like Binance, Bitpanda, Revolut and

The CNMV and Spanish regulators consolidated their policy toward the crypto industry in 2023. 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 Regulation.

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 ranks fourth globally in terms of the number of cryptocurrency ATMs. 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 potential of a central bank digital currency. In January 2024, it chose its collaborators for the pilot testing of a wholesale CBDC. The Spanish CBDC program is unique, as it was publicly stated to be independent of the digital euro project and would cover all economies in the eurozone if implemented. 

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