Spain Sees 50% Increase in Licensed Crypto Firms
According to Spain’s Central Bank, the number of licensed crypto-related companies in the country has grown by 50% in 2023. The bank has recently granted operating permits to about 30 firms, bringing the total number of Bank of Spain-approved crypto operators to 85.
Major Exchanges and Web3 Firms on the List
The list of approved crypto operators includes well-known exchanges like BitPanda, Crypto.com, and Binance’s Spanish branches. It also features smaller domestic Web3 firms and crypto custodians. Prosegur, a Madrid Stock Exchange-listed security provider, has also entered the crypto custody space.
Headquartered in Madrid and Barcelona
Most of the approved firms are headquartered in Madrid or Barcelona, with a few based in smaller Spanish cities. However, there are also companies from other countries on the list, including the Netherlands, Malta, Italy, Austria, Estonia, Lithuania, Finland, Cyprus, Hungary, Luxembourg, the UK, and Germany.
Increasing Regulatory Complexity
Operating a crypto firm in Spain has become more complex due to regulatory requirements. Since October 2021, all firms offering crypto-related services have been required to apply for licenses from the Bank of Spain. The registration process involves submitting extensive electronic documentation. The implementation of EU MiCA regulations has further complicated the registration process.
Spain: Leading the Way in Crypto Adoption?
Despite regulatory complexities, adoption of cryptocurrencies in Spain seems to be growing. The country has adopted rules to prevent money laundering and terrorist financing through crypto. It has also implemented key FATF requirements such as the Travel Rule. In addition to an increase in licensed firms, there has been a rise in crypto-powered commerce and real estate transactions in Spain.
Hot Take: Spain’s Crypto Industry on the Rise
The number of licensed crypto-related firms in Spain has seen significant growth in 2023, with the Bank of Spain approving about 30 new operators. Major exchanges and smaller domestic Web3 firms are among the approved entities. While regulatory complexity has increased, Spain continues to lead in crypto adoption, implementing measures to prevent illicit activities. The country has also witnessed a surge in real estate transactions using cryptocurrencies. With its growing crypto industry, Spain is positioning itself as a key player in the global digital economy.
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