Spain Sees a Staggering 56% Surge in Registered Crypto Companies in 2023
In a remarkable surge indicative of the booming interest in the crypto sphere, Spain has witnessed a staggering 56% increase in officially registered crypto companies operational within its borders in 2023. The revelation comes from the latest update of Spain’s central bank registry, highlighting a sharp uptick with 30 companies obtaining licenses to function as virtual asset service providers during the year.
This surge in registrations signifies a burgeoning trend, marking a pivotal moment in Spain’s crypto landscape. While the tally of 2023 registrations stands at 30, it’s noteworthy that the previous year’s count of 53 surpasses this figure. However, the inaugural opening of the registry in 2022 could account for this disparity, elucidating a promising trajectory in the sector’s expansion.
What’s particularly striking is the influx of international players that have made their foray into the Spanish crypto market this year. Platforms of global repute like Revolut, Bitpanda, Crypto.com, and Vivid have joined the registry, underlining the country’s appeal and potential for major players in the crypto industry.
Nevertheless, despite recent milestones achieved by prominent entities like Coinbase securing Anti-Money Laundering compliance and Kraken attaining virtual asset service provider registration, some significant names are notably absent from the registry. This apparent absence leaves room for speculation about the strategies and considerations of these entities in relation to the Spanish crypto market.
Interestingly, the domestic market continues to assert its dominance, with Spanish companies holding a lion’s share of licenses, constituting 61 out of the total 85 licenses granted. This showcases the homegrown strength and resilience of Spain’s own crypto enterprises in the face of global competition.
Spanish regulators have displayed proactive engagement with the burgeoning crypto market. A significant step in this direction came in October when the Spanish Ministry of Economy and Digital Transformation announced its proactive stance by committing to implementing the European Union’s Markets in Crypto-Assets Regulation ahead of schedule, setting a precedent for regulatory compliance and adherence.
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