The platform, which is on the so-called gray list of the CNMV, is leaving Spain after five years of operation
End and end of MundoCrytpo’s activity in Spain. The controversial cryptocurrency platform has decided to put country in the middle and transfer its operations to the United Arab Emirates. The company, graylisted by the National Securities Market Commission (CNMV) and unlicensed to advise, has issued a statement justifying its change due to the difficulty of expanding its business from Spain into markets such as India or China. “In addition, the business climate in Spain does not encourage us as entrepreneurs, on the contrary, it constantly questions us,” he adds.
In the statement, MundoCrypto is highly critical of the difficulties it has faced in developing its business, which in recent times has been presented as an academy born to “democratize access to education in cryptocurrencies”.
“Instead of being supported and encouraged, we are punished with restrictive regulations, political persecution, media manipulation, tax obligations and restrictions on our activities,” criticizes the company, which claims to have invested more than 10 million in Spain in its statement.
“The Spanish government has not taken effective measures to support companies and entrepreneurs,” they say, indicating that the company has been punished “with accusations without solid foundations, false allegations and tax manipulation.”
The platform, led by Indian-born canary Mani Thawani, played in a controversial event last summer at the WiZink Center in Madrid that, although promoted as free, charged a reservation fee of 47 euros. The complaints and the withdrawal of many celebrities who were initially supposed to attend the event led the company to come under suspicion of fraud by many experts.
However, the decision to leave does not mean the end of their business because, as they recall, their products will continue to work. “We would like to come back when they take note of the situation and work to create a more favorable business environment,” they added in their statement.
MundoCrypto has announced its decision to relocate its offices and establish its international base in the United Arab Emirates, saying it is “punished with restrictive regulations” in Spain and the country’s business climate “does not encourage them as entrepreneurs”, as it has been transferred in an announced this Wednesday.
It should be noted that the registered office of the company is in Seychelles
MundoCrypto continues that instead of “feeling supported” as new entrepreneurs, they have been “punished with restrictive regulations, political persecution, media manipulation, tax liability and restrictions on our business activities”.
He defends that this situation has arisen despite “investing more than ten million euros in Spain and creating direct and indirect employment for some 500 people by 2022” and accuses the government of “lacking effective measures or solutions taken to companies and entrepreneurs.
It justifies the transfer of some 50 Spaniards and their base to Dubai, the capital of the United Arab Emirates, as this is a country where “entrepreneurs are rewarded and a favorable business environment is provided”. Moreover, he claims that Dubai will enable him to further improve the quality of products and services and expand his business globally.
“We hope that the Spanish authorities take note of our situation and work to create a more favorable and welcoming business environment for companies and entrepreneurs. Once again we thank our employees, customers and fans for their support over the years and we will continue our relationship with all of them from our new headquarters in Dubai.”
Finally, it promises that despite no longer having a “corporate headquarters” in Spain, it will continue to provide “the same level of customer service and quality of service” to Spanish students.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
