Recently, it was revealed that the registry of cryptocurrency service providers of the Bank of Spain has 41 companies one year after its creation. It points out that it “does not supervise” the financial or operational and security risks of these companies, and that it does not even have any competence in matters of conduct over these providers.
Notably this registration was carried out by the entity in October 2021, with the aim of enabling cryptocurrency service providerscontinuing with the second additional provision of Law 10/2010, of April 28, which speaks about the prevention of money laundering and the financing of terrorism.
The supervisor specifies on his website that Law 10/2010 includes these service providers as “obligated subjects for its purposes and introduces an obligation to register with the Bank of Spain”Likewise, they must comply with the demands and requirements stipulated in the regulations for the prevention of money laundering and financing of terrorism.
It also details that this law “does not establish rules of financial, prudential, corporate governance, technological security or market conduct or information transparency supervision”but This registration is only limited, firstly, to the presence of appropriate procedures and bodies for the prevention of money laundering and financing of terrorism and secondly, to compliance with the requirements of commercial and professional honorability.
And he underlines that this inscription, “does not imply any approval or verification of the activity carried out by providers of virtual currency exchange services for fiduciary currency and custody of electronic wallets by the Bank of Spain”.
Likewise, The financial entity highlights that service providers have a period of three months to resolve the receipt and register the company in the registry, once they have submitted the registration application.
As detailed in the information, This registry of providers includes providers dedicated to the exchange of fiduciary currencies for other virtual currencies and wallet custody.
The incorporation of this type of providers has been increased in recent months, for example, for the month of June 15 companies were added to this registry, then in the summer months and the first weeks of October they have already been incorporated. around 25 companies, the latest to join is Vent Finance, a company that facilitates crowdfunding for the launch of tokens and other projects related to the world of cryptocurrencies, blockchain and decentralized finance.
In addition, the passive cryptocurrency investment platform Depasify and the ATM network for exchanging Bitcoin Kurant, as well as Bodnerstand and Cryptaureus, have signed up. Most of them are “settled” in Spain, and others are registered from different points globally: two from the Netherlands, two from Germany, two from Austria, one from the United Kingdom, another from Hungary and another from Estonia.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.
