Banks In Spain Explore the Possibility Of Legally Offering Crypto To Customers

Spanish banks have begun investigating what it takes to start offering crypto services to their clients.

Recently, the banks have been overwhelmed by the feeling of missing out on the potential boom of the Industry. The feeling has led to the establishment of some businesses, and the banks are looking to confirm if they should be registered appropriately before October 29.

In June, the central bank of Spain mentioned that there would be a release of the required paperwork and instructions for the registration before the end of October. The Spanish government, however, responded to the legislation by referring to a Royal law that established the time limits for the compliance of the law. The period of six months required was started on the 29th of April and will end on the 29th of October.

Since then, the Bank of Spain has not issued any information as touching the documentation. Despite being the compliance watchdog, no information has been issued on registration either on its website or its social media networks.

According to a close source, the completion of the regulation before the end of the year is quite impossible, but the authorities are pushing to ensure that it is done before the beginning of 2022.

Priority on Currency Conversion Service Registration

As outlined in the royal law on the Prevention of Terrorism Financing and Money Laundering, a sense of urgency is attached to the legislation of the list of virtual currency conversion providers.

Also, in the regulation, it is stated the register that was expected to be up and running by October 29 will be established to solely prevent money laundering.

On this, the bone of contention has been whether companies being monitored by anti-money-laundering watchdog would have to be on that list as they are called Obligated Subject under the regulation.

The Preparation of the Registry Process

Afterward, a number of the financial institutions in Spain have set up a compliance team to confirm if the registration of the new services would be required.

The BBVA bank in Spain has already begun its crypto services offering in Switzerland, where services like selling and crypto custody are offered.

Leave a Reply

Your email address will not be published. Required fields are marked *