The number of officially registered cryptocurrency companies in Spain surged by around 56% in 2023, according to data from the official registry published on the Bank of Spain’s website. During this year, 30 companies obtained virtual asset service provider licenses. While the addition of 53 companies in 2022 seems more significant, it is worth noting that no registrations were made public prior to that year. Despite the registration of overseas platforms such as Revolut, Bitpanda, Crypto.com, and Vivid this year, domestic companies still dominate the market, holding 61 out of a total of 85 licenses. I’m doing it.
Key points:
- Significant growth: The number of officially registered cryptocurrency companies in Spain increased by approximately 56% in 2023, with 30 companies granted virtual asset service provider licenses during the year.
- Comparison to 2022: While the addition of 53 companies in 2022 may seem more impressive, it is important to consider that registration did not open before that year.
- International presence: Several international platforms, including Revolut, Bitpanda, Crypto.com and Vivid, will be added to the registry in 2023, demonstrating global interest in the Spanish cryptocurrency market.
- Market power: Despite overseas expansion, domestic companies still occupy an overwhelming position, occupying 61 out of a total of 85 licenses.
- Regulatory Position: Spanish regulators have taken a proactive stance on cryptocurrency markets, implementing the Markets in Cryptocurrency Assets (MiCA) law six months ahead of the deadline and addressing violations of cryptocurrency promotion rules.
- Tax Compliance Measures: The Spanish National Tax Service introduced tax return form No. 721 for overseas virtual assets and sent warning notices to individuals who have not paid cryptocurrency taxes in fiscal 2022, an increase of 40% compared to the previous year.
The growth of registered cryptocurrency companies reflects the evolving landscape of the Spanish cryptocurrency industry and regulatory efforts to ensure compliance and address potential violations.