The Central Bank of Spain has announced that it will introduce new registration guidelines for local cryptocurrency service providers, or VASPs, including banking institutions.
According to Coin Telegraph, the bank has issued instructions on registering a VASP for anti-money laundering, or AML, purposes requiring institutions to submit their registration requests through an electronic registry.
When issuing the guidelines on October 19, the bank indicated 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 cryptocurrency trading services. Save.
The regulator has stressed that VASPs will have to register regardless of whether they are also registered with other administrative records with the Bank of Spain or other relevant authorities.
According to the official statement, institutions are required to proceed with registration even if their end clients are not located in Spain.
Individuals are also advised to use the online registration form, but they can also follow through other channels such as mail, the central bank said.
The directive specifically requires both legal entities and individuals to report on their measures to prevent illegal activities such as money laundering and terrorist financing and to include certain information about their clients.
According to the statement, the Bank of Spain will analyze the data and assess potential risks taking into account the types of VASP clients, the countries in which they operate, products, purposes of business relationships, operating size and other factors .
