Spain creates a registry for cryptocurrency exchanges, custodial providers

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Spanish authorities must create a registry of cryptocurrency exchanges, custodial service providers, in order to comply legally with transparency requirements and terrorist financing. The Law on the Prevention of Money Laundering and Terrorist Financing has established the requirements for this register. This process was initiated in April and allows service providers to register until October.

Spain creates registry of virtual asset provider

The Bank of Spain must determineSpanish law sets out the requirements for cryptocurrency exchanges and custodial provider registration. To implement anti-money laundering measures and terrorist financing measures, virtual asset services providers must register with the institution. This is mandated in the Prevention of Money Laundering and Terrorist Financing Act that was approved last year.

These providers had to register between April and October according to law. After that, providers of cryptocurrency services will have a second registration period that will end January 2022. The law says that the registry’s purpose is to:

… Improve mechanisms for the prevention of terrorism and improve the transparency and availability of information on the real owners of cryptocurrency.

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Spain has been busy this past year regulating cryptocurrency transactions and cryptocurrency interactions. It approved a number of laws that have more control over fiat and crypto holdings. The so-called Anti-fraud Law, which was passed July 7, states that all citizens of Spain must disclose their cryptocurrency ownership in order to receive assets within and outside the country. The law also requires custodians to report information about clients and their holdings.

Non-disclosure of such information is punishable under the anti-fraud law. All EU countries will have access to customer data. Alejandro de la Cruz, a Spanish financial attorney, said that the following: RegisterFor service providers of crypto-related services in Spain, this will be a before and after. This could impact the growth of cryptocurrency adoption in the region. Exchanges will need to go through a long process and identify themselves as well as their clients with regulators.

Part of the Spanish Congress seems to be aware of the importance of cryptocurrencies in citizens’ lives. A new bill, introduced earlier this month, that aims to modernize Spain’s legal structure, would allow Spanish residents to pay their mortgages with cryptocurrency.

What do you think of Spain registering crypto-related service providers? Comment below.


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