Guidelines for Cryptocurrency Services Have Reportedly Been Issued by Bank of Spain

As per the latest reports, the central bank of Spain is in the process of issuing new guidelines for the virtual currency registration process. Now, the people in Spain would have to adhere to these requirements and guidelines in order to register as such service providers.

These guidelines will be implemented on the virtual payment service providers as well as banking institutions’ registration processes.

It is on the VASP registration that the Bank of Spain has shared the registration instructions for. According to details, the anti-money laundering guidelines have been kept in mind while coming up with the new registration process.

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According to the new guidelines, the users will be required to go through the registration process that will be carried out through an electronic registry portal. This information has been shared by the Bank of Spain on Monday, October 25, 2021.

In the announcement, the Bank of Spain has announced that they had already readied the guidelines by October 19, 2021. The regulator has made it clear that the new registration guidelines will be implemented for individuals as well as institutions. No matter the entity, if they are going to interact with the virtual currency exchange services, they will be required to follow the new registry guidelines.

These guidelines apply to the same custody and trading services for cryptocurrencies. This new process would ensure that the cryptocurrency sector is streamlined in Spain and all entities are following the same set of rules while trading in cryptocurrencies.

The Bank of Spain has announced that even if the entities are already registered with the Bank of Spain and other banking/administrative institutions, they need to comply with the VASPs registry process.

The Bank of Spain has also made another major announcement for firms that are providing the relevant services to customers based outside of Spain. The regulator has issued a notice that no matter it is a firm providing cryptocurrency-related services to customers based abroad, they are to proceed with registration as well.

The Bank of Spain has advised all individuals based in Spain to mainly go through the registration processes through the online channel. They would be able to access the form online, fill it with relevant information, and then submit the details.

According to the regulator, the individuals can also do it through other manual channels. This means that the individuals can get a hard copy of the registration form, fill it up, and then post it to the advised address.

The Bank of Spain has introduced a new process to ensure that are no illicit transactions going out or coming to Spain from such channels. The regulatory authorities in Spain want to address concerns related to money laundering and terrorist funding.

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