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Bank of Spain registers more than 40 bitcoiners, but does not supervise their operations

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Key facts:
  • Bit2Me, Bitbase and Binance are among the exchanges that have registered with the Bank of Spain.

  • The Bank of Spain does not authorize or approve exchange operations.

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More than 40 companies related to the bitcoin (BTC) and cryptocurrency ecosystem already operate in Spain with recognition from the country’s Central Bank. This is since the institution opened a formal registry a year ago that recognizes, but does not oversee, the activities of this sector.

According to the data of Banco de España, available on its official website, are. 41 companies have registered with the institution. since the creation of the Virtual Asset Service Provider (VASP) Registry in October 2021.

Among the companies are. cryptocurrency exchanges and digital wallets, most of which are headquartered in Spain, which is the 34° according to blockchain analytics firm Chainalysis, the country with the highest cryptocurrency adoption.

Data from the Bank of Spain reveal that although the registry was opened last year, it was not until February of this 2022 that companies linked to bitcoin.

In more detail, it was CryptoExchange, Bit2Me y BitBase are the first three companies to claim a place on the official list. This occurred between February 16 and 20.

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In addition to the companies already mentioned, others, such as Onyze, BitGo, BitPanda, Bitnovo, and the international exchange Binance itself, are registered in the Spanish central bank’s system.

As the Spanish bank directory shows, most of the BTC-related companies were registered in the province of Madrid, as well as in Valencia and Barcelona. There are also registrations in Asturias, Girona, and Alicante.

Similarly, prominent among the companies registered with the Bank of Spain are those in the Netherlands, Germany, Austria, the United Kingdom and Hungary. This, due to the fact that they offer services with cryptocurrencies in that European country.

Bank of Spain does not approve stock market operations.

Despite the fact that the registry of the Bank of Spain was created in accordance with Law 10/2010The monetary institution continues to warn that it is concerned about the financial risks facing the financial markets and that it is still unable to provide the necessary information to prevent money laundering and terrorist financing. cryptocurrencies.

To such an extent that the recording of exchanges in this register. does not imply any approval or verification by the Banco de España.as highlighted on their website.

This is because the document “does not establish rules on financial supervision or technological security or market conduct or information transparency.”

The fact that in more than a year just 40 companies have registered as part of the Bitcoin ecosystem in Spain retracts the opinion of Enrique Palacios Rojo, communications director and founder of the Onyze exchange, who said in a interview with CryptoNews That this recording would make it difficult more cryptocurrency-related businesses to set up operations in Spain.

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However, the fact also shows that, in Spain, many of those starting the Bitcoin ecosystem seem to prefer to align themselves with the demands of the state. Possibly keeping in mind that the ultimate beneficiaries will be the users, who may increase their confidence in entering the emerging market.

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