Thursday, October 6

Spain “gray lists” Binance, Coinbase and other bitcoin exchanges

Although it is true that Spain does not consider the sale of bitcoin (BTC) and other cryptocurrencies as an illegal activity, the State requires exchanges to comply with certain requirements, including registering with the corresponding authority.

The National Securities Market Commission (CNMV) of that country recently released a list of companies that offer investments in Spanish territory without having their authorization for such activity. This list is often called a “gray list.” It includes both companies related to cryptocurrencies and other types of investments.

Among those companies that are not authorized, are, among others, the renowned exchanges Binance, Coinbase, Kucoin, Kraken and LocalBitcoins. Some of them are registered in other parts of the world. For example, Kraken has a banking license in the United States.

Also, in the same CNMV list, platforms whose integrity has been questioned are highlighted, such as Kuailian, Sports Gains or IM Mastery Academy, the latter denounced for an alleged fraud.

In total, the list is made up of 89 companies that do not have the endorsement of the regulator. The inclusion of these companies does not imply prohibitions or blocking of websites. It only means that they do not have authorization from the CNMV to attract investments.

The body clears in the document, that “the list is not exhaustive and derives mainly from search and analysis exercises on the internet and social networks.”

Spain opened registration for bitcoin operators

Everything seems to indicate that from the Government of Spain there is a great interest in regulating the industry of cryptocurrencies in that country.

Spain began the registration for companies interested in operating with bitcoin. Source: CriptoNoticias

In fact, they have advanced to the point that, last August, the Bank of Spain launched a registry for bitcoin exchanges and other cryptocurrencies, as well as crypto-asset custody platforms, a fact reported by CriptoNoticias.

Spain, the most advanced country in Europe in bitcoin regulations

The registrations for companies interested in providing services with bitcoin and other cryptocurrencies, as well as the different regulations around that industry, leave it to Spain ahead of other European countries, in that matter.

This was indicated in a recent analysis the audit services firm KPMG in Spain, as reported by this medium.

The document entitled “New horizons for the expansion of crypto assets” highlights that the vision of regulators has gradually adapted to changes, driven by the massive adoption of bitcoin by individuals and institutions.

Although, they assure that certain skeptical and critical positions can still be found about cryptocurrencies and their impact on the economy, the aforementioned institutions.