Spain Witnesses a 56% Surge in Registered Crypto Firms in 2023

Alexander Aryan -

The number of officially registered cryptocurrency companies in Spain has experienced a significant surge of approximately 56% in 2023, according to data from the official registry published on the website of Spain's Central Bank. Over the course of the year, 30 companies were granted licenses as virtual asset service providers. While the addition of 53 companies in 2022 appears more substantial, it's worth noting that the registry wasn't open before that year. Domestic companies still dominate the market, holding 61 licenses out of a total of 85, despite the inclusion of international platforms like Revolut, Bitpanda, Crypto.com, and Vivid in the registry this year.

Key Points:

  1. Significant Growth: The number of officially registered crypto companies in Spain has grown by approximately 56% in 2023, with 30 companies being granted virtual asset service provider licenses during the year.
  2. Comparison with 2022: While the addition of 53 companies in 2022 may seem more impressive, it's essential to consider that the registry wasn't open before that year.
  3. International Presence: Several international platforms, including Revolut, Bitpanda, Crypto.com, and Vivid, have been added to the registry in 2023, showcasing the global interest in the Spanish crypto market.
  4. Market Dominance: Despite international entries, domestic companies still hold a dominant position, accounting for 61 licenses out of a total of 85.
  5. Regulatory Stance: Spanish regulators have taken an active stance toward the crypto market, implementing the Markets in Crypto-Assets (MiCA) Act six months ahead of the deadline and addressing violations of crypto promotion rules.
  6. Tax Compliance Measures: The Spanish Tax Administration Agency introduced Form 721, a tax declaration form for virtual assets abroad, and sent warning notices to individuals who failed to pay cryptocurrency taxes for the 2022 fiscal year, marking a 40% increase compared to the previous year.

The growth in registered crypto firms reflects the evolving landscape of the crypto industry in Spain and the regulatory efforts to ensure compliance and address potential violations.