Spanish crypto exchanges will know their fate by October
Spain's central bank will introduce a new registration procedure for cryptocurrency exchanges operating in the country by October.
Exchanges have been in limbo since April this year, when Parliament passed a new law aimed at combating the spread of money laundering and terrorist financing. The law states that the Central Bank of Spain must create a central registry of crypto exchanges operating in Spain and issue permits for their operations.
Spanish crypto exchanges will know their fate by October
A similar system already exists in countries such as Japan and Singapore, but the bank was given six months to develop its own protocols.
El Pais media reported that the bank now "expects" to publish detailed instructions and the necessary forms on its Web site in "September or October. The regulations will also apply to Spanish cryptocurrency wallets and cryptocurrency storage firms.
El Pais media reported that the bank now "expects" to publish detailed instructions and the necessary forms on its Web site in "September or October. The regulations will also apply to Spanish cryptocurrency wallets and cryptocurrency storage firms.
Exchanges and other cryptocurrency companies will be given until January 22 next year to complete the application process. The bank will then become the official supervisor for exchanges and wallet providers.
So far, the bank has revealed scant details about its plans for the sector, but said that registration will be conditional on the providers ensuring that they have "adequate" anti-money laundering protocols in place. The media added that exchanges would also have to meet "commercial and professional" requirements.
So far, the bank has revealed scant details about its plans for the sector, but said that registration will be conditional on the providers ensuring that they have "adequate" anti-money laundering protocols in place. The media added that exchanges would also have to meet "commercial and professional" requirements.
Spain's crypto sector is growing rapidly, with domestic trading platforms such as Criptan entering foreign markets, including Latin America.
However, the crypto sector is still reeling from Parliament's approval this summer of a controversial new law that would force Spaniards to declare their foreign crypto assets - tokens stored on exchanges located outside of Spanish territory - and pay tax on those assets.
Report
My comments