Banks in Spain are waiting for the regulator's permission to work with cryptocurrencies

They do not understand whether they need to apply for registration in the register of crypto service operators

23.10.2021 - 09:45

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What's new? Spanish banks wishing to deal with cryptocurrencies are looking to the local CBR for guidance on regulating such activities. Financial organizations are not sure whether to apply for registration, reports CincoDías.

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Why do banks have doubts? In June 2020, the Spanish legislature proposed amendments requiring crypto service operators to register with the Central Bank. However, the financial regulator has not yet provided clear guidance to crypto firms and trading platforms.

Given the uncertainty on this issue, Spanish banks do not understand whether they need to draw up an application to the register of crypto service operators if they are already under the supervision of the Central Bank. Financial organizations have turned to regulatory authorities for clarification.

What had happened before? Until 2020, the Bank of Spain considered investing in digital currencies risky because of their high volatility. But last year, the regulator announced that they would explore the possibility of launching their own digital currency (CBDC).

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