Bank of Spain Opens Registry for Crypto Service Providers

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Following quite a while of pausing, the Bank of Spain has given guidelines on the best way to enroll with the national bank to offer crypto-related administrations in the country.

Establishments are told to apply through an electronic vault, after which the national bank will require as long as 90 days to think about the application. The cycle was first reported by Spain’s national bank in June, with a guarantee that guidelines on the most proficient method to continue would be given at the appointed time. Those guidelines have now shown up. A large part of the vulnerability identified with whether existing standard monetary establishments, like banks, would need to enroll since they are now managed substances.

The Bank of Spain has now made it clear that they do: “The obligation to register in this registry applies to all natural or legal persons who are in any of the above cases and provide virtual currency exchange services for fiduciary currency and custody of electronic purses, regardless of whether they are also registered in other administrative records in the Bank of Spain or in other competent authorities,” it said in a statement.

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