Bank of Spain seeks to tighten supervision of the cryptocurrency market

Pablo Hernández de Cos has called for active cooperation at the international level to ensure that regulation of the digital asset sector evolves

23.02.2022 - 13:40

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1 min

What’s new? The governor of the Bank of Spain, Pablo Hernández de Cos, has called on the country’s government authorities to strengthen control, regulation, and supervision of the cryptocurrency market. He said these measures are necessary to deal with the dangers posed by Bitcoin and Ethereum, Tether, and other decentralized services such as the DeFi sector.

Hernández’s speech at the II Observatory of Finance

What does the governor of the Bank of Spain say? As part of his speech at the II Observatory of Finance, Hernández called for more active cooperation at the national and international levels to ensure monitoring and further development of the crypto sector’s regulation.

In his address, he mentioned some of the benefits that cryptocurrencies bring to the financial industry, such as their ability to improve payment systems. However, he stressed that they pose a danger to the financial system and therefore to customers of the banking system.

What solution does Hernández see? In his view, the Spanish state authorities should step up their monitoring efforts. He added that the bank’s plans already involve allocating a privileged space for certain types of digital assets in order to combat fraud. The official believes it is important that the National Securities Market Commission implement an initiative that controls the advertising of cryptocurrency assets in Spain.

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