CNMV & Crypto-assets
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The Comisión Nacional del Mercado de Valores (CNMV) is the regulatory body for the securities market in Spain. Its main objective is to protect investor interests and ensure transparency and the proper functioning of the financial markets.
In Spain, the regulation of cryptocurrencies and digital assets is governed by Law 10/2010 on the prevention of money laundering and terrorist financing, Law 22/2007 on the distance marketing of financial services aimed at consumers, and Royal Decree 304/2014, which regulates the registry of service providers to companies and investment funds.
Recently, the CNMV has taken a more active role in regulating cryptocurrencies and digital assets, aligning with MiFID II and the European Commission’s proposed regulation on crypto-assets, known as MiCA (Markets in Crypto-Assets).
In this context, the CNMV has issued several warnings about the risks associated with investing in cryptocurrencies and has set specific requirements for cryptocurrency service providers, such as exchanges and digital wallets.
Furthermore, the CNMV has established a registry of service providers to companies and investment funds, which includes crypto service providers, and has defined specific licensing requirements for operating in this market.
In particular, cryptocurrency service providers must obtain either a Payment Institution license or an Electronic Money Institution license, depending on the nature of their activities. They must also comply with transparency and consumer protection requirements set by the CNMV and European authorities.
It is important to note that the regulation of cryptocurrencies and digital assets remains an evolving area, and the CNMV, along with other regulatory authorities, is actively working to adapt to new technologies and business models emerging in the crypto space.
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