The adoption and use of cryptocurrencies, particularly Bitcoin, in Spain and worldwide has experienced exponential growth in recent years. As more companies and users get involved in the cryptocurrency space, the Bank of Spain (BDE) has taken steps to regulate and supervise these activities. In this context, there has been a significant increase in the number of cryptocurrency-related companies seeking registration and approval from the BDE to operate legally in the country.

Sustained Growth in Registered Cryptocurrency Companies

According to official data provided by the Bank of Spain, as of June 2022, a total of 75 cryptocurrency companies have been registered to operate within a legal framework in the country. This number represents an 88% increase compared to the figure recorded in October 2022, which was approximately 41 companies. This steady growth is a clear indicator of the increasing importance and adoption of cryptocurrencies in Spain.

The Relevance of Registration with the BDE

One of the most significant developments in this space has been the approval of the license for the cryptocurrency exchange Crypto.com, which is now among the companies registered with the BDE. This approval not only validates the legitimacy and quality of its operations but also allows Crypto.com to offer its products and services to users in Spain. This is an example of the value of complying with legal obligations, as it grants companies the opportunity to operate in a legal environment and provide services to the community.

European Regulations and Regulatory Compliance

It is important to note that Spain, as a member of the European Union, will be subject to the Markets in Crypto-Assets Regulation (MiCA), which sets specific requirements for companies providing services with cryptocurrencies. Registration with the BDE and compliance with local regulations are essential steps to comply with European regulations. Companies that do not comply with these regulations may face legal sanctions and significant risks to their operations.

Registered Companies and Due Diligence

Among the companies already registered with the BDE are cryptocurrency exchanges such as BitPanda, Bit2Me, BitBase, Onyze, and Binance Spain. Additionally, some web3 companies and technology developers, such as Vottun, have joined the list. It is also relevant to mention the presence of companies offering cryptocurrency custody services, such as Prosegur. These companies have undergone rigorous review by the regulator to ensure compliance with regulations and that they have not engaged in illicit activities, such as money laundering or terrorist financing.

Conclusion

The growing adoption of cryptocurrencies in Spain highlights the importance of companies being aware of their legal obligations. Registration with the Bank of Spain and compliance with regulations are essential steps to operate in a legal environment and comply with European standards. This not only ensures the protection of users and the integrity of the financial system but also promotes sustainable and secure growth in the cryptocurrency space in Spain. Companies wishing to participate in this exciting market must prioritize regulatory compliance and due diligence in their operations.