The registry of the Bank of Spain already has a list of 17 virtual asset service providers (VASPs) that includes custody providers and crypto exchanges that are required to operate in accordance with Spanish law. Last week, the regulatory authority added three more companies to the list, but it should be noted that there are some prominent names in the crypto ecosystem that have not been registered as yet.

Crypto List Expanding

The list of Virtual Asset Service Providers (VASPs) that are allowed to operate legally in Spain has been increasing gradually. Three more companies had joined the registry last week. A number of crypto custody firms and exchanges have been added and these include Vottun, EurocoinBroker, Jobchain Austria, LemacoinCrypto Solutions, JobchainEspana, and CriptanTrade and Bitpanda.

The month of June saw a greater number of companies added to the list. Most of the crypto exchanges that have been added to the registry are local ones that want to operate in the country in compliance with Spanish laws. The registry was opened up by the bank in the previous year and since then, a number of companies have applied for registration. Bit2me was the first company to have done so back in February.

Some of the other companies that have been added to the list include Bitgo Deutschland, OnyzeDigital Assets, Trade Republic Bank, Bitcoininforme, Globalstar Technologies, BTC Direct Europe, Bit Base and C.R. Technologia y Finanzas.

Crypto companies that want to operate in Spain are required to register themselves. The crypto registry had been established in accordance with a change in Spanish legislation under which crypto companies have to comply with some guidelines to prevent terrorism financing and money laundering.

Bit Names Absent

While local companies have registered themselves and are ready to comply with the rules for the purpose of money laundering, the same level of success has not been seen in the case of some big names in the industry. The list still does not include some big exchanges, such as Binance, and these entities are still in regulatory limbo in the country.

As a matter of fact, the Bank of Spain has issued a gray list of crypto exchanges that are not registered to operate in the country and the name of Binance, which is the world’s largest exchange due to tis crypto volume, is on that list. The country’s security watchdog, the CMNV reprimanded the crypto exchange recently. This was because of the crypto derivatives that the exchange is operating to Spanish users, including futures contracts.

Reports have indicated that the crypto exchange is involved in talks with the Bank of Spain about getting listed in the crypto registry, but the central bank has not given its approval as yet. This does not come as a surprise because Binance have had issues with regulatory authorities in several countries around the world. Therefore, it is not surprising that it has gotten into trouble in Spain as well.