Crypto regulation in Spain: my critical perspective

The regulation of cryptocurrencies in Spain is a complete mess, and I say this from my personal experience as an investor who has seen how the authorities are improvising on the go. The legal vacuum that currently exists not only generates insecurity but also leaves users completely unprotected against possible abuses.

And what is the CNMV doing in the meantime? It simply declares that cryptos are not financial instruments, washing its hands of any real responsibility. Those modifications to the Securities Market Law of 2021 are pure theater - they only care about regulating advertising while the real problem remains unresolved.

I am especially outraged by how they intend to control even advertising campaigns, prohibiting influencers from talking about cryptos, while allowing banks to continue selling complex financial products with hardly any warnings. What hypocrisy! The CNMV clearly demonstrates its bias against innovation.

And meanwhile, the major platforms continue to operate in a gray area. Ledger has sold 5 million hardware wallets, people are increasingly using cryptos in their daily lives... but our regulators are always lagging behind.

The worst is the European MiCA regulation. Spain decides to advance its implementation by six months, as if it were in a hurry to put up fences in the field. Do they really believe that with a rushed regulatory framework they will protect investors? In reality, they only seek to control and monitor every transaction, every wallet, every movement.

The crypto sector offers incredible opportunities for our economy, but with these regulatory hurdles, the most innovative projects will end up fleeing to other more friendly countries. I myself have considered moving my operations to Portugal or Malta for this very reason.

Ultimately, the problem is that our politicians neither understand blockchain technology nor want to understand it. They only see a new object to regulate and control, without comprehending the true transformative potential that cryptocurrencies represent for the entire Spanish economy.