Bit2Me became the first cryptocurrency platform recognized by the Bank of Spain and achieved a milestone in that country.
The Bank of Spain approved for the first time a cryptocurrency platform. Bit2Me is a Spanish platform that or a provider of virtual currency exchange services for fiduciary currency and custody of electronic wallets. Bit2Me is then the first to receive the approval of the Spanish central bank, and now, more platforms are waiting for approval.
According to various media outlets, the process got opened some months ago. The applicants have had to demonstrate that they meet the requirements of commercial and professional integrity established for credit institutions and with the regulations for the prevention of both money laundering capital and the financing of terrorism.
In October 2021, the Bank of Spain enabled the registry for cryptocurrency providers. Before, the central bank stated that all those who carry out crypto activities must comply with the registration process, even if they got already registered in other administrative sites of the entity.
What are those Requirements?
One of the requirements that companies and individuals must include is a criminal record certificate of the person in charge. Likewise, a money-laundering prevention manual got required to express, among other things, what the client admission policy will be with a description of the clients that may potentially represent a higher risk due to regulatory provision.
It would also apply because the potentially risky client emerges from the risk analysis. The measures against this potential risk are the refusal to establish business relationships and execute operations or end the business relationship.
It must also include a risk analysis document. Among other things, this analysis will set up identification and assess risks by type of customer. It will also evaluate the country or geographic area, product, service, operation, and distribution channel, considering variables such as the purpose of the business relationship, the level of assets of the client, the volume of operations, and the regularity or duration of the business relationship.
Too Many Requirements
According to media outlets like El Pais, to pass the regulatory examination, the company must show proof that it counts on proper means to prevent money laundering and other methods of financial terrorism. Platforms must have duly identified the client that works with them and has a prevention manual, among other requirements that got already requested. Bit2Me clarified that it has already been complying with them voluntarily, although it has needed to send extra documentation to the regulator.
Bit2Me offers its services in more than 100 countries and registered in 2021 a transaction volume of more than 1,100 million euros (USD 1,250 million). According to the CEO, Leif Ferreira, Bit2Me is the first company to achieve this position shows a lot about the security with which that service gets developed.
By Jenson Nuñez
