Regulatory Warning Issued Against Cryptocurrency Exchanges In Spain.

Regulatory Warning Issued Against Cryptocurrency Exchanges In Spain.

2021-08-17 | Mike Hallen

Regulatory Warning Issued Against Cryptocurrency Exchanges In Spain.

Regulators around the world are still keeping a fresh pressure on cryptocurrency-related businesses. Spain’s National Securities Market Commission [CNMV] is among the latest to issue a warning on several crypto- and financial market-related businesses for unregistered services. In line with the legal document, CNMV has issued warnings on 12 entities earlier on Monday for not being registered with the corresponding registry of the commission. The listed entities, that embody leading cryptocurrency trading platforms like Huobi and Bybit, are unauthorized to offer investment services within Spain. The CNMV’s consulting page states that only registered companies have the authorization to offer services associated with securities. While the securities watchdog doesn't have the authority to directly ban an entity from operating within the country, the CNMV can appeal to the courts. A November report from Crypto Company Guide in Spain exposed about 120 crypto companies are already registered and operating in Spain. Spain established a rather friendly environment for cryptocurrency-related firms last year. As reported earlier, the Committee on Economic Affairs and Digital Transformation approved a law to make a sandbox for financial technologies. While explaining further, University of Seville Professor Ismael Santiago revealed that the sandbox would favor “the creation of latest value-added jobs, technological development as well as economic competitiveness.” More recently, the Spanish Socialist Workers’ Party introduced a non-law proposition to launch a national digital currency within a response to the European Central Bank’s experimenting with the digital Euro.

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