The National Securities Market Commission, Spain’s top securities regulator, has issued warning notices to 12 digital currency firms operating in the nation after discovering that they were not registered with local authorities as required.
The cautions were given as an alert to consumers and operators in the latest crackdown by the authorities to persuade operators to be legitimate their status in the country as soon as possible.
The move came after the government mandated that all digital currency exchanges and other digital currency firms register before operating in the country. While the Securities Market Commission has administrative authority over the sector, it lacks the legal authority to discipline companies without recourse to the Spanish legal system.
As a result, the warnings do not imply that the exchanges are prohibited from trading in the country, but rather that the regulator is ‘naming and shaming them into inducing timely compliance.
Digital currency exchanges Huobi, Bybit, Dsdaq Market, Markets Cube, and Expertise Trader are among the organizations included in the notice. In addition, markets EU, Profit Assist, and Financial Resident are among the trading platforms included, as is Liberty Sky, an Australian investment firm, and crypto token issuer N2 Group, as well as The Market Limited.
The move comes as worldwide regulators tighten their digital currency operations, with exchanges and other digital currency enterprises coming under increased scrutiny from authorities in their nations.
The same is increasingly being applied to multinational operators who cross jurisdictional borders, with new regulations cropping up in a patchwork way, requiring regulation and compliance in each of the markets in which they operate.
It is now up to the designated companies to register with the authorities to comply with the compliance rules in place throughout Spain.