Regulatory Warning Issued Against Cryptocurrency Exchanges In Spain.
2021-08-17 | Mike Hallen
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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