- The central bank in Spain has finally opened the registry for cryptocurrency service providers in the country.
- The Bank of Spain has published new guidance for following AML guidelines for virtual asset providers.
- All institutions and individuals must register with the bank if they wish to provide cryptocurrency services in the country.
The central bank of Spain has introduced new registration guidelines for cryptocurrency service providers in the country, including banking and financial institutions.
Bank of Spain opens registry for crypto firms
Digital asset service providers will need to sign up in the registry with the Bank of Spain to comply with anti-money laundering (AML) guidelines.
The central bank stated that all individuals and institutions providing cryptocurrency-related services such as trading and custody would need to register regardless of whether they have registered with other administrative records in the country.
Individuals and legal entities are required to report on their measures to prevent money laundering, terrorism and other illicit activities that include certain information on their users.
This process was first announced by Spain’s central bank in June to later on, provide instructions on how to proceed with registration.
Companies can only register online, while individuals can go to the offices of the General Registry of the central bank to deliver the necessary documents.
Institutions in Spain would be required to register with the central bank regardless of where their customers are located. They would also need to include documentation that outlines preventive measures of illicit activities, a risk analysis document and identification documents of the people running the compliance operations.
Harsh penalties will be imposed for companies and individuals who continue to operate without registering with the central bank. The penalties could be as high as $11.6 million for those who fail to register.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.