The Bank of Spain should make known, in the coming days, the mechanisms necessary for registering bitcoin exchanges (BTC) and other cryptocurrencies, as well as crypto-asset custody platforms.
The measure is framed in Law 10/2020 on Prevention of Money Laundering and Terrorism Financing . It establishes the opening of a registration process for “providers of virtual currency exchange services for fiduciary currency and custody of electronic purses.”
Subsequently, the Spanish Government published Royal Decree Law 7 / 2021, in which the lapses were set to put the record in tune. The term is six months, began on April 29 and ends on October 29 .
The decree establishes that the objective is “Perfecting the mechanisms for preventing terrorism and improving the transparency and availability of information on the beneficial owners” of bitcoin exchanges and custody platforms.
After October, the companies involved with the provision of services with cryptocurrencies, they will have the opportunity to register until January 29, 2022 .
Tighter regulations
The law also indicates that people who provide services of “Exchange of virtual currency for legal tender”. or legal entities that provide safeguarding services for private cryptographic keys on behalf of their clients, for the holding, storage and transfer of virtual currencies in a manner similar to that of the custody of funds or traditional financial assets. ”
The regulation also establishes the obligatory nature of the registration of the trust.
The single registry will be connected with those of other European Union countries and will remain available to public access to the information, as reported by CriptoNoticias on last June.
The official provision designates the Bank of Spain, as the entity in charge of supervise compliance with the obligations and conditions required by the Spanish State.
Regulations «will mean a before and after»
Experts such as the financial lawyer and founder of IcoFunding, Alejandro Gómez de la Cruz, have considered that these regulations “will represent a before and after for the providers of services related to cryptocurrencies in Spain” , as reported by CriptoNoticias.
Most analysts consider that a stricter regulation will come as a result of the regulations. They also argue that this fact will require a significant rearrangement in the operation and operation of companies.
Many experts also argue that there is a “reduction in the safeguarding of privacy standards” with the single registry.
Other measures that Spain has taken on bitcoin
The European country has been taking steps to regulate bitcoin more strongly. Last July, CriptoNoticias reported the reform to the Bill on Prevention and Fight against Tax Fraud.
The regulations oblige to declare the holding of cryptocurrencies in Spanish and foreign custody platforms . Self-custody purses are exempt.
This Article Republished From World Weekly News.