As regulators around the world continue to keep the pressure fresh on crypto businesses, Spain’s National Securities Market Commission (CNMV) is the latest to issue a warning on several crypto- and financial market-related businesses for unregistered services. According to the official document, CNMV has issued warnings on 11 entities on Aug. 16 for not being registered in the corresponding registry of the commission.
CNMV issued a warning against Huobi and Bybit.
The listed entities against which warning is issued include major crypto trading platforms such as Huobi and Bybit, which are not authorized to provide investment services within Spain. CNMV’s consulting page states that only registered companies have the authorization to provide services related to securities. While the securities watchdog does not have the authority to ban an entity from operating in the country directly, CNMV can appeal to the court. A November report from Crypto Company Guide in Spain had earlier revealed about 120 crypto companies are already registered and operating in Spain.
Spain established a friendly environment for crypto firms last year.
Spain established a rather friendly environment for crypto companies last year. As reported earlier, the Committee on Economic Affairs and Digital Transformation approved a law to create a sandbox for financial technologies. The Spanish Socialist Workers’ Party recently introduced a non-law proposition to launch a national digital currency in response to the European Central Bank’s experiments with the digital euro. According to the proposal, a national digital currency would enable higher liquidity if a monetary expansion is necessary. The national currency would allow a more direct mechanism by injecting liquidity directly into current accounts and thus transferring it immediately and without intermediaries.