The cryptocurrency landscape in Spain has seen significant growth in 2023, with a notable increase in the number of companies officially registered to operate in the country. This growth reflects the evolving regulatory environment and the increasing interest in digital assets within the Spanish market.
Key points from this development include:
Increase in Registered Crypto Companies: The official registry from Spain’s central bank shows that 30 companies were granted a virtual asset service provider license in 2023. This represents a 56% increase in registrations, indicating a growing interest and formal participation in the crypto market in Spain.
Registry History: The registry’s inception in 2022 might partly explain why the number of companies added that year (53) still surpasses the 2023 figure. The initial opening likely captured a backlog of companies waiting for official recognition.
International and Domestic Companies: The registry in 2023 includes several international platforms like Revolut, Bitpanda, Crypto.com, and Vivid. Notably, some major players like Coinbase and Kraken have also secured compliance registrations, although some big names are still absent. Despite the presence of international firms, domestic companies hold a majority with 61 out of 85 licenses.
Proactive Regulatory Stance: Spanish regulators have been actively engaging with the crypto market. In October, the Spanish Ministry of Economy and Digital Transformation announced plans to implement the European Union’s Markets in Crypto-Assets Regulation (MiCA) six months ahead of the deadline, demonstrating a proactive approach to crypto regulation.
Enforcement and Taxation: The National Securities Market Commission’s opening of its first case against a technology provider for violating crypto promotion rules shows a tightening of enforcement. Additionally, the introduction of Form 721 for tax declarations on digital assets abroad and the significant increase in warning notices sent for unpaid cryptocurrency taxes indicate a stronger focus on tax compliance in the crypto sector.
These developments suggest that Spain is not only accommodating the growth of the cryptocurrency sector but is also keen on establishing a robust regulatory framework to ensure market integrity and protect investors. The increase in registered companies, along with the proactive regulatory measures, positions Spain as an active player in the evolving global cryptocurrency landscape.
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