The Spanish cryptocurrency sector has witnessed remarkable growth in 2023, with a 56% increase in the number of registered crypto companies. According to Spain's central bank, 30 companies received virtual asset service provider licenses this year, demonstrating the sector's expanding footprint. This growth comes on the heels of 53 companies joining the registry in 2022, the year it was established.
Several international platforms, including Revolut, Bitpanda, Crypto.com, and Vivid, joined the Spanish registry in 2023. Despite recent regulatory advancements by Coinbase and Kraken, some major names remain absent from the Spanish registry. Currently, domestic firms hold a dominant position, with 61 out of 85 licenses.
Spanish regulators have actively shaped the crypto market landscape. In October, the Ministry of Economy and Digital Transformation announced plans to implement the EU’s Markets in Crypto-Assets Regulation ahead of schedule. November saw the National Securities Market Commission open its first case against a technology provider for violating crypto promotion rules, while the Tax Administration Agency introduced Form 721 for declaring digital assets abroad. Additionally, the agency issued 328,000 warning notices to individuals for non-compliance with cryptocurrency taxes, a significant increase from the previous year.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
