Spain ready to authorize new bitcoin companies

As part of the efforts to adapt Spain’s regulation to the precepts established in the Regulation for the Cryptoasset Market (MiCA), the National Securities Market Commission (CNMV) developed a form to collect information about companies that want to operate in this market.

The questionnaire, which was attached to the organization’s official website on June 12, will allow evaluating the characteristics of companies interested in acting within the bitcoin (BTC) market and other cryptocurrencies, which They must comply with MiCA standards from the beginning of next year.

The form is mainly aimed at companies that are not currently regulated by the CNMV or the Bank of Spain. This includes those who are considering entering the cryptocurrency marketeither as providers of virtual currency exchange services for fiat currency, or as custodians of electronic wallets.

This is why the information collected in the form will be essential for the CNMV to determine whether or not these entities meet the requirements to obtain the necessary authorization to operate with cryptoassets and thus become part of the registry of suppliers managed by the organization.

The period for registration will be open until the end of the year, taking into account that it is the date of entry into force of the regulations. Those who do not comply with the registry are exposed to sanctions or fines for operating outside the law.

The idea, according to the CNMV, is to “guarantee that service providers comply with the necessary standards to minimize risks and protect investors.” Hence they consider the form as a key tool to identify market actors and ensure that they meet legal requirements.

For a few months now, the Commission has been highlighting the importance of this process, pointing out that the implementation of cryptocurrency regulation is one of its priorities for 2024.

This was reported last January, when he presented his priorities for this year, after the government designated to the CNMV and the Bank of Spain as those in charge of enforcing MiCA regulations and supervising the functioning of the cryptocurrency ecosystem in the country.

These actions of the CNMV are complemented by the activities also carried out by the Bank of Spain, which since 2021 has managed a registry of cryptocurrency platforms. According to the most recent data, more than 100 companies and exchanges have met the requirements to receive authorization from the monetary entity.

As reported by CriptoNoticias, with these actions, both the CNMV and the Bank of Spain respond to the guidelines established to adapt to the regulations approved in 2023 in order to regulate operations with cryptoassets in the 27 countries of the European Union.

It is worth remembering that the Iberian country decided to bring forward the entry into force of the regulation, shortening the transition period for its implementation.