The CNMV anticipates the possibility that many cryptocurrencies will disappear


The president of the National Securities Market Commission (CNMV), Rodrigo Buenaventura, has anticipated that many of the cryptocurrencies that are currently listed on the markets will end up disappearing, after which he has advocated paying attention to the technology that underpins the crypto environment. “The least socially useful part is this whole kind of collective phenomenon around what will be the next cryptocurrency that fires“, something that in his opinion “does not contribute anything to Spanish society”.

Buenaventura has influenced that welcomes innovations in the crypto-assets industry, more in the field of cryptofinance and less in that of cryptocurrencies. He has done so at an event organized by H + K Strategies in which the president of the Spanish Association of Fintech and Insurtech (AEFI), Arturo González, has also participated.

The president of the CNMV has argued that does not question the utility of these assets as a means of payment, but rather “the utility of the mere issuance of coins that do not have any explicit and real value”. In fact, he believes that many of those currently listed on the markets will end up disappearing. Likewise, it has claimed that from a stock market point of view, one of the greatest advantages of this technology is the possibility of registering securities -such as shares, bonds and promissory notes- with DLT technology, in addition to the increased efficiency of the markets.

Crypto Finance Also “Opens the Door for New Clients” who may never have had a securities account, while it allows companies that did not plan to go public to appeal to savers and investors with lower costs, which reduces the cost of capital. Buenaventura has explained that, for the moment, the cryptocurrencies that are the object of ‘trading’ do not create a problem for financial stability international, since they represent a very small percentage of the capitalization of the Stock Markets and do not have a critical mass to destabilize.

In addition, the investment funds and other regulated entities have not invested large amounts in this type of asset, so the ramifications are still weak. However, he has warned that this situation could change quickly. Regarding the main risks, the president of the CNMV has highlighted that of custody and its security, referring to the improper use of client assets, as seen in the case of the FTX platform.

To these are added the technology limitations, market integrity and the spread of misleading information, among others. Regarding the regulation on crypto-asset markets (MiCA), whose entry into force is expected for the last quarter of 2024, Buenaventura has indicated that there is a lot to do in the next 18 months and that it is normal for it to take that long. time to take effect.


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