Less than a month ago, the law on cryptoasset markets came into force (Mica). This bill aims to provide more effective and “fair” regulations across the European Union, and not only for crypto investors, but also for crypto companies.
Currently, there is a official list of cryptocurrency companies registered in Spain. These are crypto companies that operate in the country, either because they are based here or because they offer their services to Spanish residents and citizens.
Cryptocurrency Companies Registered in Spain
Spain has 128 crypto companies registered in the register of the Bank of Spain (BdE). Some of the big names include Bit2Me, Bitvavo, Binance, Revolut, Coinbase, etc. The BdE launched this register in 2022, after a change in anti-money laundering laws.
But until now, the role of the BoE has been quite discreet: it is limited to registering these companies, but does not supervise their activities. There is no oversight of financial risks, security or market conduct. It’s more like, “We put you on the list, but we don’t monitor you closely.”
Entry into force of the MiCA law
This is where things get interesting. Less than a month ago, the MiCA law came into force and changes everything. The National Securities Market Commission (CNMV) will be responsible for registering cryptocurrency companies. Additionally, he will be in charge of permitting and monitoring these companies, so the jokes are over.
Before MiCA came into force, companies were not required to specify whether they were offering services or creating their own tokens. Now, with MiCA in play, the CNMV will handle registrations, but any token-related businesses still need to get approval from the BoE. So, whether they are asset-backed tokens or e-money tokens, they will have to follow the new rules.
Change is coming, and it’s time for things to be a little more structured in the Spanish crypto sector.