Spain’s securities regulator and Bank of Spain to oversee the crypto industry

Spain’s National Securities Market Commission (CNMV) and the local central bank, alongside the ECB, will have authority to regulate the country’s digital-asset market, according to Cinco Dias.

The report, citing a working version of the Markets in Crypto-Assets Regulation (MiCA) bill, indicated that authorities would require startups to open headquarters within the European Union.

When licensing participants in the crypto market, regulators will prioritise banks. Investment firms will effectively have to ‘start from scratch’ after submitting their application, the document says.

The provisions of the law are expected to be finalised by the end of 2021 or the start of 2022.

Earlier in April, CNMV proposed to tighten rules for outdoor cryptocurrency advertising.

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