The National Securities Market Commission has warned several crypto businesses for not being registered to provide investment services in Spain.

Spain’s National Securities Market Commission (CNMV) is the latest authority to issue a warning on multiple crypto- and financial market-related enterprises for providing unregistered services, as regulators worldwide continue to put pressure on them. According to the official document, the CNMV issued warnings to 11 organizations on August 16 for failing to register in the commission’s appropriate registry.

The CNMV has warned Huobi and Bybit.

Major crypto trading platforms such as Huobi and Bybit, which are not authorized to provide investment services in Spain, are among the businesses included in the alert. According to the CNMV’s consulting page, only registered companies are permitted to perform securities-related services. While the securities regulator does not have the jurisdiction to prohibit an entity from functioning in the country explicitly, it can take the matter to court. According to a November study from Crypto Company Guide in Spain, there are already 120 crypto companies registered and operating in the country.

Last year, Spain created a welcoming climate for cryptocurrency businesses.

Last year, Spain created a favorable climate for cryptocurrency businesses. As previously reported, the Committee on Economic Affairs and Digital Transformation approved a law to create a sandbox for financial technology. In addition, the Spanish Socialist Workers’ Party has proposed a non-law proposal to start a national digital currency in reaction to the European Central Bank’s experiments with the digital euro. According to the plan, a national digital currency would allow for more liquidity if monetary expansion is required. In addition, the national currency would provide a more direct process by pumping liquidity directly into current accounts, allowing it to be transferred instantly and without intermediaries.

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