Spanish Authorities Warn Cryptocurrency Exchanges For Unregistered Services
18 Agosto 2021 - 12:00AM
NEWSBTC
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 of a law to develop a sandbox for financial technologies
by the Committee on Economic Affairs and Digital Transformation. In
his speech, Professor Ismael Santiago from the University of
Seville confirmed the sandbox would enhance new jobs with increased
value. Also, it will bring economic competitiveness and
technological development. Moreover, the professor confessed that
implementing the sandbox will be a push-up for Spain by making it a
reference point in Europe. In fact, such an establishment catalyzes
the crypto ecosystem while attracting more national and
international talent. The daily chart shows that the crypto market
has taken a dip after setting new records | Source: Crypto Total
Market Cap on TradingView.com There’s a recent move from the
Spanish Socialist Workers’ Party via the introduction of a non-law
proposition. This has to do with launching a national digital
currency following experimentation of the digital euro by the
European Central Bank. Related Reading | Ukraine’s Security
Service Closes Illegal Cryptocurrency Exchanges According to the
proposal, when there’s a necessity for a monetary expansion, a
national digital currency would allow higher liquidity. It will
enable a more direct process through the provision of liquidity
into current accounts. In addition, such a process will create
instantaneous transfers without using any intermediaries or third
parties. Furthermore, the use of digital currency ends banks’
privilege over money. This implies that there’ll be no
nationalization of credit or nationalization of the banking system.
Featured image from Pixabay, chart from TradingView.com
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