Crypto entities in Spain are required to register with the apex bank
Spain requires crypto companies to register with the central bank
The Bank of Spain has issued instructions on how to register with the central bank to offer crypto-related services in the country. Cryptocurrency companies are required to apply through an electronic registry. The central bank will take up to three months to consider the application.
The apex bank first announced this latest initiative in June, promising that instructions on how to proceed would be issued in due course. Those instructions have now arrived. At the time, it was unclear if banks and other regulated financial entities had to register to offer crypto services since they are already regulated companies.
The Bank of Spain has now said that the banks and other financial institutions must register with the apex bank to offer cryptocurrency services. The bank said, “The obligation to register in this registry applies to all natural or legal persons who are in any of the above cases and provide virtual currency exchange services for fiduciary currency and custody of electronic purses, regardless of whether they are also registered in other administrative records in the Bank of Spain or in other competent authorities.”
Crypto regulation is slowly spreading
Although most countries continue to struggle to regulate the cryptocurrency market, crypto service providers are being required to register with regulators. This is to ensure the safety of users and tackle issuers such as money laundering and others.