Spain’s central bank introduces new registration rules for local virtual currency service providers, or VASPs, including banking institutions.
The Bank of Spain has issued guidelines for VASP registration for anti-money laundering or AML purposes, which require institutions to apply for registration through an electronic register, Cointelegraph en Español reported on Monday.
In issuing the guidelines on 19 October, Spain’s central bank noted that the obligation to register in the register applies to “all persons and institutions offering virtual currency exchange services”, such as cryptocurrency trading and custodian services.
The regulator emphasized that VASPs will have to register “regardless of whether they are also registered in other administrative registers with the Bank of Spain or other relevant authorities.”
According to the official statement, institutions are obliged to continue to register even if their end customers are not in Spain. The central bank said that individuals are also encouraged to use the electronic registration form, but they can also follow through other channels such as mail.
The regulations specifically require both legal entities and individuals to publish their measures to prevent illegal activities such as money laundering and terrorist financing and to include certain information about their customers.
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According to the statement, the Bank of Spain will analyze the data and assess potential risks, taking into account the types of VASP customers, the countries in which they operate, products, business relationships, transaction size and other factors.
According to the local news agency El País, the Bank of Spain originally announced plans to introduce anti-money laundering measures for VASP in June 2021. In August, Spanish lawmakers supported a legal initiative to legalize the use of cryptocurrency for mortgages and insurance purposes. . …