The Bank of Spain is, at this moment, evaluating the requests of cryptocurrency service providers that want to be part of the official registry, which could be revealed at the beginning of next year.
As we have reported in CriptoNoticias, the highest issuing entity in Spain had until October 29 to share the necessary forms for banks and exchanges to report their activities related to the emerging market.
Now, and once the period is closed, the BDE will take up to 3 months to make the pertinent considerations . It is a list of entities that operate with cryptocurrencies and that is being created in Spain in accordance with the law against money laundering and terrorist financing of that country.
Many doubts have arisen around this record, especially in what has to do with the creation of new companies related to cryptocurrencies. This, in addition to the requirements of that regulation that is presented with the intention of reducing the risks of these crimes.
CriptoNoticias consulted Enrique Palacios Rojo, communication director (CCO) and founder of the Onyze exchange, to find out his vision on these difficulties. For him, there is a “demanding” cost in the requirements necessary to detect the risk of money laundering. “They talk about technological and human resources, such as knowledge, experience and training,” he said.
The manager maintains that everything that concerns this Spanish registry makes the creation of new companies dedicated to cryptocurrency services difficult.
«New projects They will have to be previously registered to operate, which will mean a delay in their operational plans until they obtain the approval of the regulator, “he said.
Contrasts a lot with Bárbara Sanjuán, who is the lawyer of the BitBase exchange and with whom CriptoNoticias also spoke about the registry of service providers.
According to her, the list will not be obstacles to starting a business. Before, remember, “there were no references or procedures” to carry them forward, and now, the New companies “will be aware of the foundations they must follow if they intend to start in this world.”
Growth in industry
Even with the discrepancies, the two representatives of The cryptocurrency industry in Spain agree that, based on a regulation, everything related to the ecosystem will have a better development.
Palacios affirms that what the BDE is doing was something necessary “to strengthen the sector”, so it is optimistic about the months to come.