BlocksInform
The Bank of Spain, the country's central bank, has recognized the first cryptocurrency platform that will be able to operate and deliver officially approved services within the country. The first exchange to receive this approval was bit2me, which is now approved to serve as a virtual asset service provider (vasp). Whereas this is the first platform approved, others will have to complete the long process established in the law to serve Spanish users.
Spain starts licensing VACs.
The Bank of Spain has approved the first platform to formally act as a recognised virtual asset service provider (VASP) in the country. Bit2me, which is a spanish-based cryptocurrency platform available in over 100 countries, has been the first to receive this license that allows it to operate in the country after having worked with the regulator to show it fulfills the requirements defined by law.
The exchange celebrated, stating in a press release that:
Bit2Me's entry into the Spanish regulator's register is another step in the massive adoption of Bitcoin and the rest of the cryptocurrencies in Spanish society.
The new register that vasps must complete in Spain derives from a change in the law on the prevention of money laundering and the financing of terrorism approved in April.
Other conversations to follow.
Although Bit2me was the first stock exchange approved by the Bank of Spain, even international stock exchanges must register if they want to serve Spanish clients. The requirements the law establishes have been qualified as stringent by analysts, who have stated this registry will mark a before and after for crypto-related service providers in Spain.
The registry, which was established back in October, will be used to coordinate sanctions to avoid money laundering and terrorism financing with cryptocurrency assets traded using these asset providers. Therefore, each exchange must have a money laundering and terrorist financing prevention manual, and a risk management document detailing the flow of information and the actions that will be taken to ensure compliance with due diligence.
The penalties that corporations will have to pay if they continue to act in the country without the licence are also defined in the law. Companies avoiding this registry will have to pay between €150,000 ($170,498) and €10,000,000 ($11,366,900). Sanctions could also include sanctions against such companies' guidelines.
What do you think of Bit2me getting approval from the Bank of Spain to act as a legal VASP in the country? Share with us in the comments section below.
