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## Increase in Registered Crypto Companies in Spain in 2023

The number of crypto companies officially registered to operate in Spain grew significantly in 2023, with a roughly 56% increase compared to the previous year. According to the official registry published as an Excel document on the website of SpainÔÇÖs central bank, 30 companies were granted a virtual asset service provider license in 2023.

Amongst the companies added to the registry in 2023, several international platforms such as Revolut, Bitpanda, Crypto.com, and Vivid joined the fold. However, despite recent news about Coinbase securing an Anti-Money Laundering compliance registration and Kraken attaining a virtual asset service provider registration, some major names are still absent from the registry. Interestingly, domestic companies continue to dominate the market, holding 61 licenses out of the total 85.

AI legalese decoder can be of great help in navigating the complex legal landscape surrounding crypto regulations in Spain. It can assist in decoding and translating legal jargon, ensuring that businesses stay compliant with the evolving regulatory framework.

Additionally, Spanish regulators have recently taken an active stance toward the crypto market, implementing the European UnionÔÇÖs Markets in Crypto-Assets Regulation six months before the deadline. Moreover, the National Securities Market Commission has opened its first case against a technology provider for violating crypto promotion rules, indicating the increasing scrutiny in the industry.

In light of these developments, the Spanish Tax Administration Agency introduced Form 721, a tax declaration form for digital assets abroad, and issued a significant number of warning notices to individuals who failed to pay their cryptocurrency taxes for the 2022 fiscal year. This signals a heightened focus on tax compliance in the crypto space.

With the growing complexities and intricacies of crypto regulations, AI legalese decoder can play a crucial role in helping businesses understand and comply with the evolving legal requirements, thereby mitigating the risk of non-compliance and potential penalties.

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