Spanish officials issue warning on Huobi and Bybit crypto exchanges
The regulatory pressure on crypto businesses continues as Spain’s National Securities Market Commission (CNMV) issued a warning on several crypto- and financial market-related businesses for unregistered services.
According to the official document, CNMV has issued warnings on 12 entities for not being registered in the corresponding registry of the commission. The listed entities include major crypto trading platforms such as Huobi and Bybit, which are unauthorized to provide investment services within the country.
The consulting page of CNMV states that only registered companies have the authorization to provide services related to securities. While the securities watchdog does not have the authority to directly ban an entity from operating in the country, the CNMV can appeal to the courts.
Spain established a rather friendly environment for crypto firms last year. The Committee on Economic Affairs and Digital Transformation approved a law to create a sandbox for financial technologies.
Recently, the Spanish Socialist Workers’ Party introduced a non-law proposition to launch a national digital currency in a response to the European Central Bank’s experiments with the digital euro. The proposal states that a digital currency would enable higher liquidity if a monetary expansion is necessary. It allows a more direct mechanism by injecting liquidity directly into current accounts and thus transferring it immediately and without intermediaries.