Značka: Spain

Spain for the win? Top 3 fan tokens to watch during the FIFA World Cup

The FIFA World Cup in Qatar is boosting the value of national soccer team fan tokens despite the cryptocurrency bear market.World Cup Qatar hype boosts fan token pricesThese digital fan tokens are currently rallying despite the cryptocurrency market downturn, securing up to 170% gains from the Nov. 10 lows. At the core of the massive uptrend is the World Cup, which will be held from Nov. 20 to Dec. 18 in Qatar.Fan tokens are cryptocurrencies that enable fans to engage with and participate in their favorite team’s decisions. Moreover, they create new sponsorship opportunities for sports clubs and national squads outside of traditional revenue sources.Here’s a brief overview of the top gainers in the fan token sector, alongside their technical outlook during the course of the World Cup.Spain National Football Team Fan Token (SNFT)The Spain National Football Team Fan Token (SNFT) emerged as the top gainer in the sports token section, rising 170% to a high of $0.54 on Nov. 19, nine days after bottoming out at $0.20.SNFT/USD daily price chart. Source: TradingViewSNFT’s outperformance versus other fan crypto tokens may reflect the Spanish football team’s higher odds of winning the World Cup in 2022. But in traditional terms, Spain’s odds of winning the trophy is +800, meaning betting $100 would yield $800, according to Vegas Insider.From a technical perspective, SNFT trades inside a neutral zone, as confirmed by its daily relative strength index (RSI) at around 58, below its overbought threshold of 70.In other words, SNFT shows potential to continue its rally during the World Cup and its price should reflect how the Spain National Football team performs.For instance, back-to-back wins for Spain may stretch SNFT’s valuation above its current resistance level of $0.538 for a potential run-up toward its record high near $0.718, as shown in the four-hour chart below. SNFT/USD four-hour price chart. Source: TradingViewConversely, a pullback from $0.538 could have SNFT eye a correction toward $0.412, down about 18% from today’s price.Spain will next play Costa Rica on Nov. 23 in the Group E category, followed by a standoff against Germany on Nov. 28.Brazil National Football Team Fan Token (BFT)The Brazil National Football Team Fan Token (BFT) appears to be the crypto market’s second favorite fan token. Its price has rallied 130% in just nine days, from $0.45 on Nov. 10 to over $1 on Nov. 19. BFT/USD daily price chart. Source: TradingViewBrazil is the favorite to win the World Cup this year with +350 odds in traditional betting circles, meaning a $100 bet would return $350. That could serve as a fundamental factor behind BFT’s growth in the coming weeks, given the token still has room to run based on its neutral daily RSI.As of Nov. 19, BFT eyes a breakout above $1.05, its current resistance level, toward its short-term upside target at around $1.16. An extended rally could occur if Brazil wins the World Cup on Dec. 18, paving the path toward $1.31, up 25% from today’s price.Related: Metaverse community with 3M users adds utility with FIFA World Cup 2022™ collaborationConversely, a pullback would risk sending BFT toward $0.82, its October 2022 support level.Brazil’s first match is against Serbia on Nov. 25 in Group G, followed by a standoff against Switzerland on Nov. 28.Portugal National Team Fan Token (POR)The Portugal National Team Fan Token (POR) is the third-best performer in the ongoing fan token boom, rising about 100% to $6 on Nov. 19, nine days after hitting lows of $3.10.POR/USDT daily price chart. Source: TradingViewTraditional bookies measure Portugal’s odds of winning the World Cup at +1600, meaning betting $100 would yield about $1,600.POR now tests $6 as its resistance, with its daily RSI near 64, just six points below its overbought threshold. A decisive pullback from the said price ceiling could have POR eye a correction toward $4.80, its support level from September-October 2022.Conversely, continued success in the World Cup for Portugal may flip the scenario to bullish, leading POR above its $6-resistance to eye a rally toward or above $7.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Bitstamp gets a crypto license from the Bank of Spain

Crypto exchange Bitstamp reported obtaining a license for operations with crypto in Spain. It marks approval in yet another European jurisdiction for an exchange, which has been focusing on the EU market since its launch in 2011. The company revealed the news about its Spanish license on Nov. 17. The approval from the Bank of Spain lets Bitstamp’s local subsidiary offer virtual currency exchange services for fiat currency and electronic wallet custody services to Spanish users. Bitstamp became the 46th virtual asset provider to receive a license in Spain, following the likes of Binance and Bitpanda. Spain has recently demonstrated a moderate approach to crypto regulation, which goes hand in hand with a high pace of adoption in the country. In January, the local financial regulator Comisión Nacional del Mercado de Valores (CNMV) announced a set of rules for crypto-asset investments advertising, demanding them to be “clear, balanced and fair.”Related: Head of Bitstamp’s European arm becomes latest CEO of global crypto exchangeBy this fall, the country became home to the third-largest network of Bitcoin and cryptocurrency ATMs after the United States and Canada. It currently hosts 215 crypto ATMs, pushing El Salvador — with 212 — down to the fourth position after surpassing the country by the ATMs.In September, the multinational telecom company based in Madrid, Telefonica, enabled payments with cryptocurrencies like Bitcoin and many others on its online tech marketplace called Tu. The firm integrated a crypto payment feature provided by the Spanish crypto exchange Bit2Me to receive crypto in exchange for their tech products.Bitstamp has been increasing compliance efforts in recent years. In April, it requested users to update the origin of cryptocurrencies stored on the platform for regulation purposes. The exchange provided an official list of examples of documents clarifying fiat-related sources of wealth of deposited funds, including salary and pension payslips, inheritance documents, payslips for savings, gifts, mining receipts and others.

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Spain overtakes El Salvador to become third largest crypto ATM hub

The European country of Spain is officially home to the third-largest network of Bitcoin (BTC) and cryptocurrency ATMs after the United States and Canada. Spain currently hosts 215 crypto ATMs, pushing El Salvador — wi 212 crypto ATMs — down to the fourth position after surpassing the country by 3 crypto ATMs. Data from CoinATMRadar confirms that Spain represents 0.6% of the global crypto ATM installations.Crypto ATM distribution by continents and countries. Source: CoinATMRadarMoreover, the revelation places Spain as the highest contributor to crypto ATMs in Europe, which represents 14.65% of total installations in the continent, followed by Switzerland (144 ATMs), Poland (142 ATMs) and Romania (135 ATMs).Crypto ATM installation growth in Spain. Source: CoinATMRadarIn 2022 alone, Spain installed 43 crypto ATMs and has previously shared its intent to install a total of over 100 ATMs by the end of the year — taking up the total to nearly 300 crypto ATMs once completed.MediaMarkt, a German electronics retailer, and Confinity, among others, are leading the drive to install crypto ATMs across Austria, Germany, Spain and Greece. On the contrary, global crypto ATM installations saw a negative growth since September 2022 and are on the path of slow recovery at the time of writing. Calculations based on data from the last 60 days show that around seven crypto ATMs are being installed daily worldwide. Related: Crypto ATMs emerging as popular method for crypto scam payments — FBIGreece takes the sixth spot in terms of cryptocurrency ATMs, and with the influx of tourists, Bitcoin ATM operator BCash shared insights on the usage statistics in the country. Speaking to Cointelegraph, BCash managing director and co-founder, Dimitrios Tsangalidis, revealed that despite installing crypto ATMs in tourist hotspots, most usage comes from the main city area. However, the island of Crete attracts a “very loyal cryptocurrency crowd,” as explained by Tsangalidis:“There is a strong crypto community in Heraklion of Crete [which is] the location of one of our ATMs.”According to Tsangalidis, a combination of crypto winter and tourist seasons has resulted in a slowdown in terms of regular traffic in crypto ATM usage.

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Bit2Me to onboard 100k blocked crypto investors from 2gether exchange

Following a recent agreement between the two crypto exchanges, Bit2Me announced plans to onboard 2gether’s 100,000 crypto investors, who were recently blocked from trading due to the exchange’s inability to operate amid unfavorable market conditions.On July 10, Spanish cryptocurrency trading platform 2gether shut down its free trading services, citing its inability to justify its related operational costs due to crypto winter. Instead, the users were being charged 20 euros as maintenance fees. Providing relief to the recently displaced crypto investors, Bit2Me reached an agreement with 2gether to onboard its users without imposing any fees — allowing users to move over their holdings and resume their trading activities. In addition, Bit2Me decided to reimburse the 20 euros back to the users following successful onboarding.Bit2Me signs an agreement with 2gether to help all its users to continue trading without additional costs. For this purpose, we will reimburse the 20€ commission to all customers who transfer their cryptocurrencies to Bit2Me. pic.twitter.com/ogj4NyiGc8— Bit2Me Global (@Bit2Me_Global) July 13, 2022Reassuring his commitment to Spain’s crypto market, Leif Ferreira, CEO and co-founder of Bit2Me, stated: “The world of cryptocurrencies and Blockchain technology is and will be key to our present and future. For that reason, we want to be at the side of 2gether users who want to remain linked to the crypto ecosystem”Related: Binance gets VASP registration for its Spanish subsidiary from the Bank of SpainThe Bank of Spain recently registered Binance’s Spanish subsidiary, Moon Tech Spain, as a virtual asset service provider (VASP), allowing the exchange to offer crypto trading services in the region. Binance CEO Changpeng “CZ” Zhao highlighted the importance of effective regulation for the widespread adoption of cryptocurrencies, adding:“We have invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure that our platform remains the safest and most trustworthy in the industry.”

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Bitpanda cryptocurrency exchange scores registration in Spain

Bitpanda, an Austrian cryptocurrency exchange that was valued at $4.1 billion last summer, have received registration as a virtual currency exchange and digital asset custody service provider in Spain. The company’s name appeared in the Bank of Spain’s registry for crypto enterprises on June 16. The registry itself opened in October 2021. At the moment, it includes 15 companies. Speaking to Cointelegraph, Bitpanda’s representative specified that the company has been de-facto operating in the country since 2014. Spain marks the sixth European country in which the Vienna-based company has obtained a license. In December 2020 it registered with the Financial Markets Authority of France, while in May and June 2022 it became the first foreign crypto provider with registration in Sweden and one of the first to get the Italian Virtual Asset Services Provider (VASP) license. In the company’s announcement, Bitpanda co-founder and co-CEO Eric Demuth pledged its commitment to providing a safe environment for trading amid the market crisis: “As recent market developments have shown, where you buy your digital assets matters and we are going to always be prioritizing the safety of our community, as we are working relentlessly to build the best and the safest investment platform in Europe and beyond.”Related: Unicorns in crypto. A growing herd of billion-dollar crypto companiesIn February 2022, Bitpanda acquired U.K.-based Trustology, a crypto custodian and wallet service provider, intending to rebrand it to Bitpanda Custody and start providing native crypto custody services focused on institutional investors. The exchange platform claimed its maiden acquisition is the first step toward the launch of Bitpanda Pro, its prime brokerage services platform and an over-the-counter trading desk.As the company representative told Cointelegraph:”We have applied for registration in every market we have a presence, and have already secured registration and licences as a virtual asset service provider in Italy, Austria, Sweden, France, the Czech Republic and now Spain. We do of course want to expand our presence in further European markets, but will only do so when we can ensure we are fully compliant with local regulatory requirements.”Under the upcoming Markets in Crypto Assetsbill, European Union authorities would grant crypto companies an opportunity to operate on the pan-European level, should they get registered in one of the Union’s countries. 

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Binance reportedly halts crypto derivatives service in Spain

Binance stands as one of the most persistent crypto exchanges when it comes to gaining regulatory approval and operational licenses from regulators across the world. In this effort to operate as a fully licensed financial institution, the exchange has stopped offering it’s crypto derivatives services in Spain as it reportedly awaits approval from the Spanish regulator, Comisión Nacional del Mercado de Valores (CNMV).As evidenced by Binance’s official Spanish website, the crypto exchange removed the derivatives drop-down menu, which is still available on the global version. According to local news publication La Información, the move to hide derivatives offering in Spain comes as a way to comply with the requirements set by CNMV, a.k.a. the National Securities Market Commission.Navigation menu on Binance Spanish (top) and global (bottom) versions. Source: BinanceThe screenshot above shows the missing ‘Derivatives’ option from the Spanish version, which is evidently available in the global version. While the screenshot confirms Binance’s intent to offer services only upon regulatory approval, further investigation from Cointelegraph confirmed that the URLs related to derivative offerings in Spain — including futures, battle and derivative portal — remain active.Active derivatives portal on Binance Spain version. Source: BinanceHowever, the local report suggested that Binance will reintroduce the derivatives option only after receiving the regulatory green light in the form of a guarantee certificate from the Bank of Spain (BdE). In June 2021, Binance CEO Changpeng Zhao revealed plans to expedite the crypto exchange’s growth by working with the regulators, stating:“We want to be licensed everywhere. From now on, we’re going to be a financial institution.”Binance, along with other crypto exchanges like Coinbase and Bit2Me, is listed in CNMV’s ‘gray list,’ which prohibits organizations from operating as fully licensed entities in the region.Related: France’s financial authority approves Binance’s registration as digital asset service providerDespite the minor setback faced due to regulatory delays in Spain, financial authority from the neighboring country of France — Autorité des marchés financiers (AMF) — approved Binance as a registered digital asset service provider..@Binance just got approved for the France VASP (Virtual Assets Service Provider) registration.https://t.co/DwqZrxq3bS pic.twitter.com/Eebkc7OhRV— CZ Binance (@cz_binance) May 4, 2022As Cointelegraph reported, the move into France signaled Binance’s latest expansion of its global operations, having obtained in-principle approval to operate in Abu Dhabi in April. Citing the regulatory approval in France, Binance shared plans to significantly scale its operations in the region while pursuing “further infrastructure development.”

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Innovation and experimentation: Spain’s blockchain sector in 2021

In Spain, companies across various industries — not just digital finance — have begun to apply blockchain technology to their operations. This disruptive technology has promoted pioneering projects in the country that are expected to add 20 billion euros to Spanish gross domestic product by 2030.As expectations around this technology increased in Spain throughout 2021, so did investment, hype and concerns regarding the stability and regulation of digital assets.Here, we will take a look at some of the most notable developments in the Spanish cryptocurrency and blockchain ecosystems throughout 2021. Central bank warns about risks of crypto investmentThe Central Bank of Spain together with the National Securities Market Commission issued a statement in February 2021 warning citizens about the risks of cryptocurrencies as an investment.The statement noted that there is still no regulatory framework in the European Union to regulate cryptocurrencies, nor does it provide guarantees and safeguards similar to those available for other financial products like stocks and bonds.New tax regulations for digital currenciesAs part of the effort to regulate and keep digital currencies operations under scrutiny, at the beginning of July, the Spanish Ministry of Finance announced the “law to prevent and fight against tax fraud.”Herein, the Treasury will require the declaration of income tax and digital currency assets, as well as reporting payments and collections made with cryptocurrencies.Local media then reported that “this regulation introduces an obligation to provide information on the balances held by the holders of virtual currencies and on the operations in which they are involved. This same obligation extends to those who make initial offers of new virtual currencies.”Fintech industry gets a sandbox to play inIn May, the Secretary General of the Treasury and International Financing published a resolution that included a list of the first projects admitted to the Spanish Regulatory Sandbox.The sandbox will allow a select group of companies to test new business models in a closed environment, overseen by the Bank of Spain, the General Directorate of Insurance and Pension Funds and the National Commission of Markets and Securities. The digital euro in the municipal codeIn July, Juan Berenguer, the mayor of El Campello — a town in the Eastern Costa Blanca in Valencia — reported that the municipality has been chosen to host a local digital currency project, complementary to the digital euro, in order to study how such a change to currency in the Eurozone would “be accepted by society.”The initiative also aims to determine how both public and private jurisdictions can participate in the design, research and testing of a central bank digital currency.Zamora promotes blockchain technologyThe city of Zamora, the capital of the eponymous province in northwest Spain, hosted an online workshop devoted to the development of blockchain technology and cryptocurrencies. The event titled “Discover the secrets of blockchain and cryptocurrencies and how to apply them in your company” and hosted by the Zamora Chamber of Commerce was aimed at small and medium-sized companies with payrolls of less than 10 workers “who wish to improve their digital marketing strategy.”Use cases and innovationOutside of finance, blockchain saw innovative applications in civil and administrative contexts. In February, over 2,000 people in Catalonia participated in a poll conducted using blockchain technology. The initiative was developed through the Vocdoni digital platform which allowed results to be calculated minutes after the polls closed. In the educational field, the University of Murcia announced that it will issue certificates in blockchain through Blockcerts.The Spanish university issued blockchain certificates to the attendees of the Crue-TIC 2021/2022 “Disruptive Technologies by the Digital University” conference, where participants discussed the applications of artificial intelligence, data analytics and big data, blockchain, cloud tech and 5G.A Spanish project that uses blockchain technology was a finalist in the European Digital Mindset Awards in the “Best Digital Accelerator in the Public Sector” category.Endesa’s electricity-focused blockchain project Confía conducted a pilot in collaboration with the Malaga City Council and the University of Malaga.Spanish startup 1MillionBot developed a blockchain-supported virtual assistant for COVID-19 vaccinations. Toward the end of the year, the blockchain center of Catalonia announced that it will launch Carvers, a Catalan metaverse. The new monolingual metaverse seeks to promote the Catalan language and culture on the internet.

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