In late October, the BdE will present the list of institutions that operate with cryptocurrencies. Several Spanish banks are working to know whether they must register on the list.
Just a few days before October 29th, Spanish banks are on edge as they want to offer services related to cryptocurrencies. Regarding exchanges and custody services, the Central Bank has not issued the necessary to regulate them.
Spanish regulations establish that the Bank of Spain must offer interested parties the steps to follow between September and October. In that way, the latter can register in the registry of cryptocurrency service providers, which seeks to face money laundering.
That is a list of Spanish institutions providing exchange between virtual currencies and fiat, besides custody. The MICA Law, which regulates crypto assets and platforms in Europe, protects the recourse.
However, there is still nothing regarding the Bank of Spain on that list. Neither the social networks nor the website of the financial institution has information about that registration. However, the Law establishes that it will be the competent agency to supervise compliance with the registration obligation.
Since there are only a few days left to present the list, several banks have tested the waters, particularly those already operating with cryptocurrencies in other countries.
Those institutions have reported that several large financial institutions in Spain are already working to know whether they must register. The doubt arises among them as the highest authority in the country already supervises them.
Which Banks Could Appear on the Central Bank’s List
Several financial institutions that could offer services related to cryptocurrencies include CaixaBank and the payment platform Onyze. Although it is only an education and training program, greater regulatory clarity would allow moving forward with more formal adoption.
Spanish bank BBVA said that its subsidiary in Switzerland launched a commercial cryptocurrency service, offering custody and sale of assets. They are subject to the Law on the prevention of money laundering and the financing of terrorism. In other words, they are entities already supervised by the State that doubt whether they must register in the registry.
Gloria Hernández Aler, a partner at finReg360, considers that it would not make sense for a bank to meet the demands for honorability imposed by the rule. The Spanish lawyer argues that the Central Bank already supervises those financial entities directly.
The executive points out that they must notify that they will provide those services and change their money laundering policy to adapt it to the dynamics of crypto assets.
Nuria Horcajada, from the Media and Image Division at the Bank of Spain, said they do not have public information about possible applicants for authorization. She explained that the deadline to publish the official registration forms ends at the end of October.
Several Companies Already Work with Cryptocurrencies in Spain
Several exchanges, such as Bit2Me, are among the Spanish companies that already work with cryptocurrencies. ATM services with physical stores, such as BitBase, have also gained a presence in Spain during the last year.
Financial institutions such as Santander, BBVA, Sabadell, Bankia and CaixaBank were part of a pilot test. The Iberplay platform was in charge of conducting it, confirming its possible use in live production environments.
By Alexander Salazar
