Spain’s Regulator Flags 3 Crypto Firms Over Unregistered Status
Spain’s financial regulator has issued warnings to investors regarding 18 companies offering services in the country despite facing registration issues.
The National Securities Markets Commission (CNMV) published a list of 18 financial firms operating without the regulatory nod on Feb 26.
The list, which is comprised of several traditional finance firms, includes three cryptocurrency companies: Bitbinx, Crytomerge, and CryptoMaxiTrade.
The financial regulator informed users in the county of the potential risks of dealing with unregistered firms.
“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.”
Last year, global regulators increased efforts to curb cryptocurrency losses affecting users as billions were wiped from the market.
The fall of Terra’s stablecoin and the collapse of FTX in November 2022 ignited regulatory concerns across the sector. This led to authorities creating new templates for registrations alongside other disclosure requirements.
This approach aims to prevent any loss of investor assets as stakeholders called for more global partnerships. Notably, The Markets in Crypto Assets (MiCA) regulation was hailed as the landmark regulation across the European Union.
MiCA was broad in its rules dealing with regulation and the issuance of assets in member states. Spanish authorities have also taken steps toward adopting the MiCA framework.
Spanish regulators have looked to protect investors by securing all aspects of the crypto market while looking to secure growth in the sector.
From registration and issuance to taxation, financial authorities have released
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