Recently, Bank of Spain formed special 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 not registering can result in a fine of up to 10 million euros.
Legal field
In 2021, a law 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, 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
The main rules for registering a crypto operator company were described on the portal of the Bank of Spain:
- submission of an application drawn up in accordance with the form issued by the Bank;
- sending appropriate package of documents.
Consideration 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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