It’s good news for cryptocurrency enthusiasts! Spanish banks are preparing to offer their clients the ability to buy crypto assets. Yet, the Bank Of Spain asks all virtual asset service providers and custody firms must apply.
But, this doesn’t come without some uncertainty due to other laws. All banks in Spain are already complying with anti-money laundering directives.
Spanish Banks Jump to Follow Crypto Laws
Spanish banks want to offer cryptocurrency services to their clients. Thus, they are making arrangements for compliance with upcoming regulations. The Bank of Spain has some rules. They state that banks must register as virtual asset service providers. Or custody organizations by October 29th.
Cryptos are still new, but banks in Spain have been considering offering them for some time. So, the Bank of Spain stated that it would issue the paperwork and guidance needed for compliance. Yet, they failed to do so.
This has made banks uncertain whether they need to re-register under applicable laws. But, experts believe this is optional because banks already follow anti-money laundering laws.
Gloria Hernández Aler, a partner of the regulatory advisory firm Finreg, stated:
“It would not make sense for a bank to have to go through the requirements imposed by the standard. Yet, it does make sense for them to notify that they are going to provide this type of service. And, they will need to change their money laundering policy.”
Banks Flirting With Crypto
Spanish banks are looking into cryptocurrency. For example, BBVA has launched a Switzerland crypto service. And they offer customer exchange and custody services. Caixabank is also starting up its pilot program on crypto. The program will provide custody-as-service to enterprise customers within the next few months.
The European Union has been working on a crypto regulatory framework. The MICA (Markets In Crypto Assets). And there is hope that this will be ready by early 2022. While there are worries, all sources point towards its release within the year as planned.
Spain adds to the rising number of countries that are warming up to cryptos.