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CNMV Warns Against Unlicensed Entities, Including Crypto Firms

Spain's CNMV warns investors about 18 unlicensed entities, including crypto companies, emphasizing the need for regulatory compliance and investor protection in the crypto industry.

Spain's National Securities Market Commission (CNMV) has issued a warning against 18 companies operating in the country without the necessary licenses. Among these companies are several crypto firms, including Bitbinx, Crytomerge, and CryptoMaxiTrade. The CNMV emphasized that these companies are not authorized to provide investment services or other regulated activities.

Regulatory Action and Investor Protection

While the CNMV's powers are limited, it advises investors to seek recourse through the ordinary courts of justice if they have concerns about unlicensed entities. This warning underscores the importance of regulatory compliance in the crypto industry to protect investors from potential scams or unauthorized activities.

Growth of Registered Crypto Companies in Spain

Despite the presence of unlicensed entities, the number of officially registered crypto companies in Spain has been increasing. In 2023, the number of registered virtual asset service providers grew by approximately 56%. This growth reflects a positive trend in the regulated crypto sector in Spain.

Regulatory Framework Development

Spanish regulators have been actively consolidating their policies towards the crypto industry. The implementation of the Markets in Crypto-Assets Regulation (MiCA) in October 2023 marked a significant step towards a comprehensive regulatory framework for cryptocurrencies in the European Union.

Spain's Position in the Crypto Industry

Spain has emerged as a significant player in the global crypto industry, ranking fourth globally in terms of the number of cryptocurrency ATMs. The country's central bank is also exploring the potential of a central bank digital currency (CBDC). The Spanish CBDC program, if implemented, would cover all economies in the eurozone and operate independently of the digital euro project.