Key Takeaways
- CNMV stated that the listed companies are not authorized to offer investment services or other CNMV-supervised activities
- Crypto firms including Bitbinx, Crytomerge, and CryptoMaxiTrade are in the list
Spain’s financial regulatory authority, the National Securities Market Commission (CNMV), has recently issued a warning to investors about 18 companies operating in the country without proper licensing.
Among them are several cryptocurrency companies such as Bitbinx, Crytomerge, and CryptoMaxiTrade. “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 statement reads.
The list of unlicensed entities was published by the CNMV on Feb. 26, highlighting that these companies are not authorized to provide investment services or other activities subject to the commission’s supervision. While acknowledging its limited powers, the CNMV advised concerned investors to seek recourse through ordinary courts of justice.
Interestingly, despite the presence of unlicensed entities, Spain has witnessed a surge in officially registered cryptocurrency companies. In 2023 alone, the number of registered virtual asset service providers in the country soared by approximately 56%.
Spain’s regulatory stance towards the crypto industry has been evolving in recent years. In October 2023, the Spanish Ministry of Economy and Digital Transformation announced plans for the accelerated implementation of the Markets in Crypto-Assets Regulation, marking a significant step towards comprehensive crypto regulation within the European Union.
In a move to enforce regulatory compliance, the CNMV initiated sanctioning proceedings against Miolos S.L in November 2023. This marked the first case of violating crypto promotion rules in Spain. Miolos S.L. faced allegations of running two “massive” advertisement campaigns in September and November 2022, raising concerns over non-compliance with cryptocurrency regulations.
Meanwhile, Spain has been actively exploring central bank digital currencies (CBDCs). In January 2024, Banco de España, the country’s central bank, awarded contracts to a consortium involving Spanish banks Cecabank and Abanca to trial the use of wholesale CBDCs for securities settlement. Additionally, the central bank contracted Adhara Blockchain, a technology partner of Fnality based in the UK, to design and deliver the underlying wholesale infrastructure for the project.
