Banks From Spain Want To Offer Crypto To Their Customers

2021-10-23 00:16:45

The banks from Spain are really pondering the idea of offering crypto services to customers. In order for this project to succeed, the banks are currently in the process of adjusting to the upcoming crypto regulations.

According to the new regulations, the banks have until the 29th of October to comply with the new law.

Specifically, the banks need to register as an official virtual asset service providers. This is in addition to complying to custody organizations.

The Bank of Spain announced that they will release all of the necessary information for everyone who failed to register.

This statement already further confused the banks whether this means registering again, under the new laws. official virtual asset service providers. This is in addition to custody organizations.

This is since Spanish banks are already compliant with AML laws (anti-money laundering). As such, many financial experts believe they shouldn’t re-register for offering crypto services. Gloria Hernández Aler, the partner in Finreg, completely agrees on this subject:

It would not make sense for a bank to have to go through the requirements imposed by the standard. However, it does make sense for them to notify that they are going to provide this type of service and, probably, they will need to change their money laundering policy.Gloria Hernández Aler | Partner of Finreg

Several banks in Spain already expanded their portfolio by offering crypto services abroad. In particular, BBVA and Caixabank.

BBVA has its own commercial crypto assets in Switzerland. They offer custodial and crypto exchange services.

Caixabank on the other hand, partnered with Onzye and started a pilot program offering the same services as BBVA. Yet, it is fair to mention that the release date of this pilot is set to be released sometime in the future.

Europe is currently in the process of creating a crypto regulatory framework called MICA (Markets In Crypto Assets). According to the speculations, MICA should have its debut in 2022.

 

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