Spanish Bank formed a register for organizations dealing with virtual currency exchanges for fiat, and creation of e-wallets. New legislative act says that crypto providers must be certified. Crypto license in Spain, which is also required for all firms wishing to operate in this sector, entitles them to spread above-mentioned services. A penalty for desire not to register and get crypto blockchain license in Spain can result in a fine of up to 10 million euros.
Legal field: Spain crypto regulation
If you’re intending to open a cryptocurrency company in Spain, you should be aware of some strict nuances. In 2021, Spain crypto regulation was passed regarding services for operations with cryptocurrencies in Spain directly, or when consumers of services are located outside of it. By a new Royal Decree, certain amendments were made to current regulative frame governing mechanisms and policies for combating illegal circulation of funds and terrorism financing.
Bill is first regulative basis in Spain containing regulative provisions for some aspects of interaction with crypto-currencies and functioning of VASP license in Spain. It’s done by considering virtual currency definition in 5th EU Directive, and via controlling of operating firms that participate in virtual currencies exchanges for fiat. In addition, those organizations spreading services for opening e-wallets follow these regulations.
Cryptocurrency exchange license in Spain cover virtual currencies exchanges for fiat; they are the sale and purchase of virtual currency for EUR or other real money, or e-money that’s quoted as payment tool in jurisdictions where they are released. Services with e-wallets involve issuing them, as well as storing and protecting customers’ cryptographic keys.
By Royal Decree, cryptocurrency operators were granted the status of firms being subject to mandatory regulation of AML provisions. Thus, according to Spain crypto regulation firms and individual entrepreneurs offering the above services within Spain, not considering location of their registration, nationality or juridical form, need to be approved.
Formation of such register is first stage in establishing mandatory regulative basis for new and functioning providers on market. Thus, these firms now follow the same points regarding illegal money trafficking policy as for credit facilities.
Crypto operators registration
In accordance with Spain crypto regulation, the main rules for registering a crypto operator company and getting crypto license in Spain were described on the portal of the Bank of Spain:
- first businessmen need to open a cryptocurrency company in Spain;
- submission of an application drawn up in accordance with the form issued by the Bank;
- sending appropriate package of documents.
Consideration of application for cryptocurrency license in Spain lasts approximately 3 months. However, it’s approximate and may be extended if Bank has additional questions or needs to obtain any further documentation. If firms offering cryptocurrency exchanges services aren’t registered and doesn’t possess cryptocurrency license in Spain, they are committing serious offense.
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What is a cryptocurrency exchange in Spain?
Cryptocurrency exchanges are officially registered and verified platforms through which users can exchange cryptocurrencies among themselves and for fiat. Transactions within crypto exchanges are subject to local and European regulatory standards and rules adopted for the crypto space. The activities of crypto exchanges are permitted with a cryptocurrency exchange license Spain issued by the local regulator.
Is cryptocurrency regulated in Spain?
The Spanish agency SEPBLAC exercises strict and continuous control over the activities of cryptocurrency companies. The regulator issues an appropriate crypto license in Spain for all firms that work with crypto-assets. Firms working with crypto assets must also register in the register formed by the National Bank. In addition, crypto businesses must comply with the rules set out in European directives to prevent terrorist operations and illicit funds.
Which bank in Spain supports cryptocurrency?
The Spanish market has fully accepted and legalized payment transactions with cryptocurrencies. The most popular and crypto-friendly banks are Banco Sabadell, Banco BBVA and San Juan Mercantile Bank. Companies with a direct and serious intention to conduct activities related to crypto assets must get crypto blockchain license in Spain.
How is Spain using blockchain?
Cryptocurrencies in Spain are officially allowed to be used for personal and commercial payments and transactions. Cryptocurrency can be exchanged for other crypto-assets and for fiat, and also deposited in a bank as deposit savings. Activities with crypto assets are available to firms only if they have a crypto license in Spain.
