Spanish authorities deny any permission for ICOs in the country

Confirmation has been received from the National Securities Market Commission of Spain that it has not given any entity permission to carry out an initial coin offering (ICO).

The CNMV released an official notification on the 26th of March, highlighting that the regulator had not approved of vetting or reviewing for any ICO project.

The regulator laid emphasis on the fact that any documents shared with the prospective Initial Coin Offering investors must consist of a disclaimer to clarify that it has not undergone any kind of reviewing by them or any other regulatory body.

Documentation related to ICO that claims to be reviewed by such an agency will be considered inappropriate, and CNMV further went on to say that the that its regulatory authority has since then been limited to affirming sales of tokens that do not meet certain targets are not given regulatory approval. This was for the tokens that are treated as securities.

The limit set on these sales is for issuing tokens below a value of five million euros, with a target of less than one hundred and fifty investors. In some cases, the limit is given in terms of investment, with the minimum amount an investor puts inset at one hundred thousand euros.

The regulator stated in the report issued by media, that this decision does not rely on the fact that investment companies might be required to participate in compliance with certain market regulations in Spain. CNMV has been reported to add twenty-three digital currency businesses to their warning list.

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