Spanish Authorities Warn Cryptocurrency Exchanges For Unregistered Services

Cryptocurrency businesses have continued to receive pressure globally from different regulatory bodies. For example, the Spanish National Securities Market Commission (CNMV) recently released a warning to many financial markets and crypto-related businesses. The warning is on unregistered services which they offer. From the official document from CNMV, about 11 entities received the warning from the regulatory body on August 16. The document stressed the non-compliance of these entities with the registry of the commission. Among the listed entities are some prominent crypto trading platforms like Bybit and Huobi. However, this Spanish regulatory body maintains that the unregistered entities have no authorization to provide investment services in the country. Related Reading | Total Cryptocurrency Market Cap Value Surges Across $1.9 Trillion Setting A New Record According to CNMV’s consulting page, the mandate to provide security-related services is only for registered companies in Spain. Though CNMV has no power to ban a company from operating in Spain directly, it can put forth a court appeal. Through a November report, Crypto Company Guide in Spain disclosed that about 120 crypto businesses are registered and operational in Spain. Spain’s Move So Far With Cryptocurrency A review of some activities from last reveals that Spain has created a friendly environment for crypto businesses. First, there was the approval o...