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23.06.2020

Spain decides the fate of cryptocurrency exchange regulation

The Spanish parliament is going to vote on the new law on the regulation of cryptocurrency exchanges in the “second half of 2020” – after the country’s Ministry of Economy and Digital Transformation announced that it is preparing to control the country’s trading platforms.
According to an official statement, the ministry has prepared a bill that will force crypto exchanges operating in Spain, purse providers and crypto service providers comply with new anti-money laundering (AML) and terrorist financing protocols. On the terms of the new bill, companies involved in crypto assets will have to register with the financial regulator and prove that they meet the AML requirements to continue their activities. These identification systems will go into the “single register” that the regulator will control – theoretically putting an end to anonymous trading on internal platforms.
It is also noted that the regulatory project improves the exchange of information between the Spanish authorities and international institutions.
The ministry added that its public consultations on this issue are now closed. The report also indicated that the Sepblac Financial Intelligence Unit of Spain (Commission on the Prevention of Money Laundering and Monetary Crimes), having considered this proposal, gave its consent.

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