The Central Bank of Spain is introducing new registration guidelines for local virtual currency service providers or VASPs, including banking institutions.
The Bank of Spain has issued instructions on VASP registration for anti-money laundering or AML purposes, requiring institutions to submit a registration request through the electronic registration system Cointelegraph en Español Report October 25th.
issued In the October 19 guidelines, the Bank of Spain stated that the obligation to register in the registry applies to “all individuals and institutions that provide virtual currency exchange services,” such as cryptocurrency trading and custodial services.
The regulator emphasized that VASPs must “regardless of whether they are also registered in other administrative records of Spanish banks or other relevant institutions”.
According to the official statement, even if the end customer is not in Spain, the institution must register. The central bank said that it also recommends that individuals use electronic registration forms, but it can also be done through other channels such as mail.
The directive specifically requires legal entities and individuals to publish reports on their measures to prevent illegal activities such as money laundering and terrorist financing, including certain information about their customers.
According to the statement, the Bank of Spain will analyze the data and evaluate potential risks, while considering VASP’s customer types, countries of operation, products, business relationship purposes, volume of operations, etc.
According to the local news agency El País, the Spanish bank initially Announce It is planned to establish an anti-money laundering program for VASP in June 2021. In August, Spanish legislators supported a legal initiative Legalize the use of cryptocurrency Used for mortgage and insurance purposes.