Spain closes crypto exchange Fx Trading Corporation

Financial regulators in the country detected the exchange activity of cryptocurrencies without the proper permit

Spanish financial regulators are severe with illicit activities in the cryptocurrency market. The most recent action that has taken place is the closing of the crypto exchange Fx Trading Corporation after having determined that it did not have the regulatory permission for the exchange of cryptographic assets.

The National Securities Market Commission (CNMV in Spanish) reviewed the commercial activities of the financial cryptoexchange not officially registered and established its action outside Spanish regulations through investment services and digital asset trading.

According to the authorities, the company has violated Article 17 of the Securities Market Law. The closure of the firm is part of the fight of Spain, as well as other countries of the European Union, to reduce crimes with cryptocurrencies such as scams and money laundering, network pirates and increase cybersecurity.

Despite not having detailed regulations on digital currency, Spain relies on the regulations of neighboring countries that have obtained excellent results by applying the law to promote trade and eradicate crime.

An important aspect is that the EU member states signed “a declaration to encourage DLT (Distributed Ledger technology) in all European regions”.



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