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Spain’s Financial Regulators Warns Huobi And 11 Other Exchanges

Financial regulators in various climes keep increasing their oversight function on the virtual asset industry. The latest to do so is the National Securities Market Commission in Spain.

Spanish Regulators Say 12 Crypto-Related Entities Have No Operating License

Today, the commission issued warning notices to 12 cryptocurrency-related entities. All of them were deemed to be operating without a license. Among them were Huobi and ByBit. The commission’s website clearly states that only registered entities are allowed to run crypto-related services in the country.

Even though the commission doesn’t have the power to stop the operations of such entities, they can seek the court to grant them that authority. A recent survey revealed that over 121 digital asset firms have operating licenses to work in the country. Last year, Spanish authorities reviewed and approved their crypto policies to facilitate the adoption of cryptocurrency and other financial technologies in the country.

Known as the Sandbox, the main objective of the policy is to improve the economy and promote technological advancement, which will lead to more valued jobs. Following the European central bank’s research and trialing of a digital euro, the Spanish legislature is now debating whether to have a Spanish digital currency.

The legislature believes that when monetary expansion becomes mandatory, the country’s digital currency will provide the needed liquidity. Also, improving the liquidity of current accounts almost instantly and without a third party.

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China’s Apex Bank Stops Operations Of 12 More Crypto Firms

Meanwhile, CNStock data revealed that the Shenzhen branch of China‘s apex bank had stopped the operations of 12 companies in the financial technology space. The bank had initially set up a committee that had identified 47 companies to investigate more thoroughly. Now, 12 of these 47 companies are now deemed to be operating illegal crypto-related services in the country. 

It has to be noted that this committee is not only targeting crypto-related firms; it is also in the hunt for companies providing illegal services in other sectors like stocks, forex, and online payment services. The committee also created a special education for private entities to improve their knowledge of profiling customers and prevent implicating fraudulent transactions. 

Chinese authorities aim to be the first to deliver crypto-related services to execute top projects, enabling digital entities and individuals to perform payment settlement services in the country’s digital currency. The apex bank has been enlisting the help of commercial banks to regulate private entities in the digital asset landscape and implement other policies of the apex bank.

Macroeconomic Factors Set The Stage For The Bitcoin Supercycle

Some regulators are implementing crypto-friendly policies to aid the wider adoption of cryptocurrencies and some factors such as inflation are also helping. This has been evident in the rising number of Bitcoin ATMs, Bitcoin exchange trade fund proposals, and the entry of institutional investors into the industry.

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These moves increase the possibilities of evolution in the financial system, with crypto/Bitcoin leading the way. Respected crypto investor and analyst, Lark Davis, surmised that this evolution would give a new meaning to the definition of bullishness in the cryptocurrency market.


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Shelly Melancon (Switzerland)

Shelly is a cryptocurrency enthusiast from Switzerland, she bought her first crypto in 2015 when it was way less popular then it is today and since 2017 she has been writing about cryptocurrency for online news portals. Shelly is the newest addition to the Tokenhell team, she writes mostly news and reviews related articles , stay tuned to her posts to stay up to date with the crypto world.

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