The Spanish exchange regulator warned that the companies have not been registered and have not received permission to provide local residents with cryptocurrency products and services. Therefore, Bitbinx, Crytomerge and CryptoMaxiTrade cannot operate in Spain. If investors suffer any losses while working with these platforms, the victims will have to go to court rather than to the regulator.
According to the Central Bank of Spain, the number of cryptocurrency companies authorized to operate increased by approximately 56% in 2023. Last year, 30 companies received a virtual asset service provider (VASP) license. Now it's legal in the country
work There are 83 legal entities with crypto assets, including Binance, Bitpanda, Revolut, Crypto.com.
The CNMV has tightened regulation of the crypto industry in Spain. In November 2023, the department filed its first case against the technology company Miolos for violating the rules for promoting cryptocurrencies. The regulator claims that Miolos did not publish a warning about the risks of investing in digital assets and did not submit its advertising campaigns for approval by the CNMV.
Late last year, the CNMV threatened to sue social network X for posting marketing tweets promoting unlicensed cryptocurrency companies.
Source: Bits
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