Exchanges and cryptocurrency custody service providers operating in Spain are expected to comply with new controls and measures to prevent money laundering and terrorist financing. The new measures were included in the bill that the Ministry of Economic Affairs and Digital Transformation recently opened for public consultation.
One of the measures is that all cryptocurrency service providers operating in Spain will be registered and subject to controls under the supervision of the authorities. In this context, the bill establishes the creation of an identification system based on a single record, according to a statement published by the Ministry of Economy.
The new registration system will include information from the real holders of existing cryptocurrency institutions, organizations or companies in the Commercial Registry and notarial databases of the country. The system also incorporates the mandatory registration of “trusts”, companies that provide financial services, as well as entities of a similar nature operating in Spanish territory.
This unique record, in turn, will be interconnected with records from other European Union countries and will remain available for public access to information. Companies should also request that the necessary information be included in the identification system before establishing business relationships with other legal entities.
Regulation imposes challenges for cryptocurrencies in Spain
Parliamentary approval of the regulatory text, which has already been the subject of public consultation and a mandatory prior report by the Committee on the Prevention of Money Laundering and Monetary Offences, is expected to take place during the second half of this year.
The new regulation poses challenges to the growing world of cryptocurrencies in Spain, where currently at least 75 organizations are listed in the “Guide to Crypto Companies in Spain 2020”.