CNMV Flags Unregistered Investment Entities, Warns Investors

<p>The National Securities Market Commission (CNMV) of Spain
has issued stern warnings concerning several investment entities that are not
registered in the corresponding registry under its supervision. </p><p>CNMV
Encourages Due Diligence amidst Unregistered Offers</p><p>These entities, as listed below, have been flagged by the
CNMV as unauthorized to provide investment services or activities subject to
its oversight:</p><ol><li>ADMFX – admfx-vip.com</li><li>EOSTEADER – eosteader.top</li><li>BITGO GLOBAL – fxgmarkets.com</li><li>FXG MARKETS INVESTMENT – gerstarcapital.eu</li><li>GERSTAR
CAPITAL FUND</li></ol><p>The CNMV's action is based on its records, which indicate
that these institutions lack proper registration and authorization. Investors
are urged to exercise caution and conduct thorough due diligence when
considering any involvement with these entities.</p><blockquote><p lang="en" dir="ltr">Warnings from <a href="https://twitter.com/hashtag/CNMV?src=hash&amp;ref_src=twsrc%5Etfw">#CNMV</a> on unregistered institutions: <a href="https://t.co/w1RBgnHq8D">https://t.co/w1RBgnHq8D</a></p>— CNMV (@CNMV_MEDIOS) <a href="https://twitter.com/CNMV_MEDIOS/status/1721488531548221466?ref_src=twsrc%5Etfw">November 6, 2023</a></blockquote><p>To verify the registration status of an institution, the
CNMV advises investors to contact their investor service. Additionally,
individuals can report offers of investment services by unregistered
institutions through the CNMV's inquiry form or report any potential
infringements.</p><p>MiCA
Act Implementation: Spain's Timeline for Crypto Asset Regulation</p><p>In the meantime, in an earlier
report at <a href="https://www.financemagnates.com/">Finance Magnates</a>, it was stated that <a href="https://www.financemagnates.com/cryptocurrency/spain-accelerates-path-to-mica-crypto-regulations-to-start-in-2025/">Spain
is set to fast-track the implementation of the European Union's Markets in
Crypto-Assets (MiCA) Act</a>, heralding the first comprehensive crypto
regulatory framework in the EU. </p><p>While
the EU's general deadline for <a href="https://www.financemagnates.com/tag/mica/">MiCA</a> implementation across
all 27 member states is July 2026, Spain aims to enact it on a national level
by December 2025. This accelerated timeline follows a meeting between the first
Vice President of Spain, Nadia Calviño, and the President of the European
Securities and Market Authority, Verena Ross.</p><p>Spain's
move is driven by the goal of providing enhanced legal protection and certainty
to Spanish investors in the crypto space. The country seeks to reduce the MiCA
transitional period from 36 months to just 18 months. Notably, several
international cryptocurrency exchanges operating in Spain have already received
local licenses, including <a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a>, <a href="https://www.financemagnates.com/tag/kraken/">Kraken</a>, and <a href="https://www.financemagnates.com/tag/crypto-com/">Crypto.com</a>, which
have secured regulatory approvals.</p><p>As
Spain positions itself as a cryptocurrency and digital asset-friendly nation,
the country's central bank, Banco de España, has joined others in exploring the
potential benefits of a digital euro. </p>

This article was written by Tareq Sikder at www.financemagnates.com.