The Bank of Spain has announced plans to establish a registration process for bitcoin exchanges and cryptocurrency custody platforms, as mandated by Law 10/2020 on Prevention of Money Laundering and Terrorism Financing. The regulations aim to improve the transparency and availability of information on the beneficial owners of these services.
Registration Process
The registration process will be open for companies that provide services related to bitcoin exchanges and cryptocurrency custody platforms, with an opportunity to register until January 29, 2022. The law also establishes the obligatory nature of the registration of trusts.
Regulatory Framework
The regulations will be connected with those of other European Union countries and will remain available to public access to information, as reported by CriptoNoticias. The Bank of Spain will be responsible for ensuring compliance with the obligations and conditions required by the Spanish state.
Experts’ Views
Experts have expressed concerns that the regulations will bring about a stricter regulation for the providers of services related to cryptocurrencies in Spain. Many analysts argue that this will require significant changes in the operation and operation of companies, and may lead to a reduction in safeguarding privacy standards.
Additional Measures
The Bank of Spain has also taken steps to regulate bitcoin