David Pokima

Last updated: February 27, 2024 09:37 EST | 2 min read

Spain’s Regulator Flags 3 Crypto Firms Over Unregistered Status

Spain’s financial regulator has issued warnings to investors regarding 18 companies offering services in the country despite facing registration issues.

The National Securities Markets Commission (CNMV) published a list of 18 financial firms operating without the regulatory nod on Feb 26.

The list, which is comprised of several traditional finance firms, includes three cryptocurrency companies: Bitbinx, Crytomerge, and CryptoMaxiTrade.

The financial regulator informed users in the county of the potential risks of dealing with unregistered firms.

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.” 

Last year, global regulators increased efforts to curb cryptocurrency losses affecting users as billions were wiped from the market.

The fall of Terra’s stablecoin and the collapse of FTX in November 2022 ignited regulatory concerns across the sector. This led to authorities creating new templates for registrations alongside other disclosure requirements.

This approach aims to prevent any loss of investor assets as stakeholders called for more global partnerships. Notably, The Markets in Crypto Assets (MiCA) regulation was hailed as the landmark regulation across the European Union.

MiCA was broad in its rules dealing with regulation and the issuance of assets in member states. Spanish authorities have also taken steps toward adopting the MiCA framework.

Spain’s All-Round Crypto Rules

Spanish regulators have looked to protect investors by securing all aspects of the crypto market while looking to secure growth in the sector.

From registration and issuance to taxation, financial authorities have released guidelines with certain companies obtaining licenses.

In October, Spain brought forward the implementation of MiCA by 6 months, while firms already registered are to apply by December 2025.

According to the Ministry of Economic Affairs and Digital Transformation, the country intends to roll out tough consumer protection measures.

“The government will shorten the transitional period of application … to create a predictable and stable regulatory and supervisory framework.”

This decision was reached following a letter by the European Securities and Markets Authority (ESMA) to member states on shortening the transition period over fears of a possible consumer protection loophole.

Registration Compliance Increased By 56%

Registration compliance in Spain surged in 2023, with 30 firms granted full licenses. Although more companies were registered in 2022 as the guidelines were released, last year’s figure was laudable following the global demand.

On taxation, the Ministry of Finance announced reforms to allow the agency to seize crypto assets owned by erring taxpayers. Globally, the move to tax cryptocurrencies gained momentum in the last two years adoption increased.

Several digital asset analysts view the taxation of crypto gains as a good narrative because of the legal backing in some jurisdictions.



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