The Bank of Spain has issued criteria for registering crypto services
The Bank of Spain has issued registration instructions for local VASPs (Virtual Currency Service Providers), including banks. These guidelines are applicable for AML (Anti-Money Laundering) purposes and institutions should submit their request for VASP registration via an eRegistry or other channels (like mail).
The new instructions clearly explain how to sign up with the bank for offering crypto-associated services in the nation. After registering the central bank will need up to 3 months for considering the application.
The Central Bank of Spain had announced in the month of June that they would issue the guidelines soon. Later, in August, the lawmakers from the country supported an initiative to approve the usage of cryptocurrency for insurance and mortgage purposes. After several months of waiting, the instructions are here now.
According to the central bank, all institutions and individuals offering exchange services for virtual currencies (like crypto trading) must register. All VASPs need to sign up irrespective of whether or not they are signed up with any other administrative record in the Spanish bank. They are obliged to register even if their customers are based out of Spain.
Before registering, the entities have to provide reports on the measures they have taken to stop illegal activities like terrorism financing and money laundering. These reports should also include details of their clients. The Spanish Central Bank will analyze the submitted reports and evaluate the possible risks. It will also consider the kinds of clients, their products, operated volumes, the nations in which they function, the purpose of business relationship, and other such factors.