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Banks in Spain are interested in providing crypto assets to its customers.

October 22, 2021 - Around 2 mins mins to read

Spanish banks are prepared to provide crypto assets directly to their consumers. The Bank of Spain is required by new laws to create a list of virtual asset service providers and custody firms. However, these institutions are unsure if they must apply because banks already follow anti-money laundering instructions drawn from other legislation.

bdf997bfb364b3d771440be4d2ca5c63
Source: Pinterest.

Spanish banks are interested in providing bitcoin services to their clients and are planning to comply with forthcoming laws. Spanish banks are already on pace to register for the Bank of Spain’s list of virtual asset service providers and custody organizations, which must be completed by October 29.

The Bank of Spain stated that it will distribute the paperwork and instructions for interested parties in the future register, but it did not. As a result, banks are unsure if they need to re-register under applicable legislation. Banks in Spain currently comply with anti-money laundering regulations, therefore re-registration, according to some experts, should not be required for banks to provide crypto services.

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. However, it does make sense for them to notify that they are going to provide this type of service and, probably, they will need to change their money laundering policy.

Banks Are Getting Into Cryptocurrency.

Some Spanish banks have already announced ambitions to begin crypto operations or are currently working with cryptocurrencies abroad. This is the case with BBVA, which has already built a commercial cryptocurrency asset in Switzerland that provides exchange and custody services. Another Spanish bank, Caixabank, is launching a pilot program to provide these services in collaboration with Onyze, a firm that provides a custody-as-a-service program for businesses. This experiment, however, will not be available to clients for the near future.

Patrick

Coincu News

Bitcoin

Banks in Spain are interested in providing crypto assets to its customers.

Spanish banks are prepared to provide crypto assets directly to their consumers. The Bank of Spain is required by new laws to create a list of virtual asset service providers and custody firms. However, these institutions are unsure if they must apply because banks already follow anti-money laundering instructions drawn from other legislation.

bdf997bfb364b3d771440be4d2ca5c63
Source: Pinterest.

Spanish banks are interested in providing bitcoin services to their clients and are planning to comply with forthcoming laws. Spanish banks are already on pace to register for the Bank of Spain’s list of virtual asset service providers and custody organizations, which must be completed by October 29.

The Bank of Spain stated that it will distribute the paperwork and instructions for interested parties in the future register, but it did not. As a result, banks are unsure if they need to re-register under applicable legislation. Banks in Spain currently comply with anti-money laundering regulations, therefore re-registration, according to some experts, should not be required for banks to provide crypto services.

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. However, it does make sense for them to notify that they are going to provide this type of service and, probably, they will need to change their money laundering policy.

Banks Are Getting Into Cryptocurrency.

Some Spanish banks have already announced ambitions to begin crypto operations or are currently working with cryptocurrencies abroad. This is the case with BBVA, which has already built a commercial cryptocurrency asset in Switzerland that provides exchange and custody services. Another Spanish bank, Caixabank, is launching a pilot program to provide these services in collaboration with Onyze, a firm that provides a custody-as-a-service program for businesses. This experiment, however, will not be available to clients for the near future.

Patrick

Coincu News

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