Key facts: Spanish regulations require companies to register before December 30. Caceis is one of the few banks that requested registration as a bitcoin service provider. On December 30, the regulations to regulate cryptocurrency platforms operating in Spain will come into force. This is a series of rules that will be applied in the country, based on what is established in the Regulation for the Cryptoasset Market (MiCA) approved in the European Union (EU). As indicated in the regulations, compliance with the law begins with the requirement for companies that offer services with bitcoin to register with the Bank of Spain (BDE). It is the organization that, together with the National Securities Market Commission (CNMV), was appointed by the government to supervise the sector. Until now, about 105 cryptocurrency companies They have met the required requirements, obtaining authorization from the Bank of Spain to operate in the country. According to the data shown in the registry, 14 of them They have enrolled so far in 2024. A figure that shows a stable trend in the registry, considering that last year a total of 35 authorizations were granted. The greatest amount They were delivered during 2022. Such a number of companies registered in Spain is similar to the number of companies included in the El Salvador open registry (which already adds up to 122). Both countries decided to open the registry of companies to comply with the laws, more or less on the same date. That is why the similarity is striking, considering that El Salvador, being a friendlier country with cryptocurrencies, seems to offer more facilities to members of the ecosystem. The benefits include tax exemptions and facilities in carrying out procedures and settling in the country. However, it is important to take into account that these are countries with notable differences, among which the geographical location and the size of the market stand out. As Spain is part of the European market, the inclusion in its registry opens the doors to operate throughout the region. Perhaps a point in favor of the Iberian country, despite the limitations that some companies believe will arise from MiCA and that are evident with Tether's current difficulties in complying with the requirements of the law. It must also be considered that in El Salvador the laws are already in full force, while the effects of MiCA will become clearer in the coming years, as it is gradually implemented in EU countries. In fact, Spain is one of the few countries that announced the advance of the entry into force of MiCA. A decision that was made based to advance in the transposition of current regulations to the parameters of the European regulation, particularly regarding the creation of the registry of service providers. The registered companies, until now, have met the requirements requested by the BDE, which include the delivery and certification of extensive documentation electronically. Since the registry began operating in 2021, the requirements were expanded this year to adjust them to comply with MiCA. If registration is not completed before the end of the year, companies linked to the ecosystem, mainly those that do not operate in the decentralized finance (DeFi) sector, will be prevented from offering services in Spain from 2025. On that date they will have to stop operating in the country or risk being punished with fines.
The regulation of digital asset markets has been progressively coming into force in the European Union. Source: Esma.europa.eu.
The banks are not yet reflected in the registry
Among the platforms that have been authorized by the BDE, there are cryptocurrency exchanges such as Bitpanda, Bit2Me, BitBase, Onyze and Binance Spain, as well as Crypto.com. Some web3 companies and technology developers are also on the list, such as Vottun; along with some companies that offer cryptoasset custody services, such as Prosegur. Until now, banks are not reflected in the registry, including those that already offer custody and other services with bitcoin in other countries of the European Union. A fact that analysts attribute to a certain initial fear. Financial institutions are expected to somewhat restrict their foray into the ecosystem at this early stage, even though there is a lot of interest. However, it is known that Caceis, a global company in which Credit Agricole and Banco Santander participate, some days ago made the request to obtain a virtual asset service provider license in Spain. The bank requested the authorization within the framework of the recent creation of a business line dedicated to digital assets, which seeks to satisfy the growing demand from investment companies and institutional investors. To this end, it has been carrying out the corresponding steps to provide cryptocurrency services to its clientele in several European countries. As reported by BitcoinDynamic, the entity is one of the first to respond to the request that the CNMV is making to the banks, asking for information about their plans to offer services with cryptocurrencies starting in December.