Huobi, Others Warned by Spanish Authorities

In what is the latest in a series of pressure by government officials and regulatory bodies against Crypto exchange and other financial market-related businesses for unregistered services, the National Securities Market Commission (CNMV) in Spain has issued a warning against 12 different entities for not being registered for investment services. 

The listed entities, which the commission claims are not authorized to provide investment services within the European country, include major crypto trading platforms like Huobi and Bybit. 

Recall that a statement on the commission’s page indicated that only registered companies have the authorization to provide services related to securities.

It is important to note that even though the commission, which performs the role of a watchdog on issues like this, does not have the authority to directly ban an entity from operating in the country, it has the authority to appeal to the courts. 

A November report from Crypto Company Guide in Spain revealed about 120 crypto companies are already registered and operating in Spain. The country has so far created a relatively friendly environment for crypto firms since last year. 

The Committee on Economic Affairs and Digital Transformation in the country also approved a law to create a sandbox for financial technologies. Sandbox would favour “the creation of new value-added jobs, technological development and economic competitiveness,” Professor Ismael Santiago of the University of Seville was quoted saying. 

In fact, recently, the Spanish Socialist WorkersParty made a non-law proposition aimed at launching a national digital currency in response to the European Central Banks experiments with the digital euro.

According to the proposal, a national digital currency would enable higher liquidity if a monetary expansion is necessary. It also provides for a more direct mechanism by injecting liquidity directly into current accounts before transferring it immediately and without intermediaries

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