The Bank of Spain has already recognized its first cryptocurrency platform. It’s just the beginning

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Today is a Important day in the cryptocurrency sector in Spain. We have two pieces of news that mark the beginning of a new regulatory situation in our country. One month after it was announced by the National Securities Market Commission (CNMV), today the new limitation to advertising campaigns about cryptocurrencies. All advertising messages must have a notice that warns that “investment in crypto assets is not regulated.” Very much in the style of the messages next to alcohol or tobacco.

The second fact that will mark the crypto sector from now on is that Bit2Me has been the first cryptocurrency platform in the world recognized by the Bank of Spain. The exchange of Alicante origin has become the first platform to obtain validation of the registration of the Bank of Spain as an official provider of virtual currency exchange and custody services. That is, the first exchange that obtains recognition from the Bank of Spain to operate in Spain.

The Bank of Spain warns of the risks of cryptocurrencies due to "its extreme volatility, complexity and lack of transparency"

Cryptocurrency platforms are beginning to be recognized in Spain

Bit2Me has been the first exchange to get a “green light” because, as explained by the company itself, they were the first to have conversations and request registration from the Bank of Spain. “Being the first company in the world to achieve this recognition speaks for itself about the security with which our service is developed”, explains Leif Ferreira, CEO of the company.

Obtaining this recognition is only the first step in a process that we are going to see repeated more this month, since all the cryptocurrency platforms that want to operate in Spain must sign up for this registry, or be liable to receive fines.

last october Was published by the Bank of Spain the obligation to join a registry. According to the Money Laundering Prevention regulations, the Bank of Spain had to create this registry. He made it official on November 1 and the cryptocurrency platforms had three months to sign up, a Term that ends this February.

This registry is for those people or companies that operate in Spain, regardless of the location of the recipients of the service. Bit2Me has been the first, but the rest of the platforms should also announce soon that they will be recognized. Platforms that do not register face millionaire fines, ranging from 150,000 euros up to 10 million euros.

There is a new softened model 720: declaring cryptocurrencies abroad will continue to be mandatory

What changes does it imply?

Being included in this register implies that a series of requirements imposed by the Bank of Spain are met. The underlying idea is that cryptocurrency platforms will work together with institutions and They will collaborate by offering information, mainly on issues related to money laundering. and the payment of taxes.

On the other hand, being recognized by the Bank of Spain also implies that the transactions and the capital we have in those exchanges will be better protected. To date, many of these exchanges could be seen as platforms outside the institutions, but with the new registration, the relationship between the crypto sector and official bodies increases.

Among the aspects requested by the Bank of Spain is the inclusion of the client admission policy, procedures that include the ‘due diligence‘, a review of the operations related to money laundering or the financing of terrorism and detailed information on the internal operation. In short, a whole series of requirements that are already required of traditional banks will also be required of these platforms.

Although, the inclusion in this register does not imply that the Bank of Spain is going to be responsible for the level of security. The official position is that cryptocurrencies remain a risky investment and are not regulated in Spain. It will be necessary to see if from the next few weeks the rest of the cryptocurrency platforms begin to appear in this registry. Spain is moving to control a sector, the crypto, which Europe has not yet decided to precisely regulate.

In Xataka | A new regulation for cryptocurrencies in Spain comes into force: how it affects and what obligations are added

Today is a Important day in the cryptocurrency sector in Spain. We have two pieces of news that mark the…

Today is a Important day in the cryptocurrency sector in Spain. We have two pieces of news that mark the…

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