Spain Witnesses Surge as 30 New Crypto Firms Registered in 2023

• The number of firms added to the registration in 2022 still exceeds that of 2023.
• October saw the announcement that Spain will adopt the EU’s MiCA Regulation.

There was a significant increase in the number of crypto firms registered to operate in Spain in 2023. The official record, which is available as an Excel document on the website of Spain’s central bank, states that 30 businesses were licensed to offer virtual asset services in 2023.

The number of firms added to the registration in 2022 still exceeds that of 2023, even though we are less than a week away from the conclusion of the calendar year. The fact that the registration didn’t open to the public until 2022 may explain it, however.

Even though Coinbase and Kraken were recently reported to have obtained virtual asset service provider registrations and Anti-Money Laundering compliance registrations, respectively, not all major names are yet included on the official list. Out of 85 licenses, 61 are held by domestic enterprises, indicating their continued dominance of the market.

Strategic Approach

Moreover, the cryptocurrency sector has lately attracted the attention of Spanish officials. October saw the announcement that Spain will adopt the EU’s Markets in Crypto-Assets (MiCA) Regulation, six months ahead of schedule, by the Ministry of Economy and Digital Transformation.

As of November, the National Securities Market Commission (CNMV) has filed its first legal action against a technology provider for allegedly breaking the country’s regulations regarding the marketing of cryptocurrency.

Form 721, a declaration form for digital assets overseas, was established the same month by the Spanish Tax Administration Agency. The government also issued 328,000 letters of warning to those who owed cryptocurrency taxes for the fiscal year of 2022 but did not pay them.

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