Spain’s central bank reveals registration guidelines for crypto service providers
The central bank of Spain ‘Banco de España’ has rolled out a registration system for crypto assets-related service providers on the 26th.
Originally scheduled to launch on October 29, the guidelines offer instructions on how to register with the central bank. In addition, It also includes provisions for banks on providing cryptocurrency-related services.
The registration is mandatory for Virtual Asset Service Providers (VASPs) in order to strengthen anti-money laundering measures. It is essential for them to register even if they were also registered in other administrative records in the Bank of Spain or related authorities.
After submitting an application through an electronic registry, the Bank of Spain may take up to three months to consider the application.
Even though banks in the country have already registered for anti-money laundering measures, they are required to register according to the new system if they want to offer services in the crypto space.
“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,” the bank said in a statement.
Last week’s report revealed that some banks were already preparing to offer crypto services but were waiting for the central bank’s registration system to open.
The post Spain’s central bank reveals registration guidelines for crypto service providers appeared first on Our Bitcoin News.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
