Bank of Spain opens the mandatory register for vasps -

The Bank of Spain has finally opened the mandatory register for virtual asset service provider (vasps) in the country. The bank also scattered the doubts from financial institutions whether they have to apply for the register because they already comply with the AML legislation. All institutions and persons must apply for the register if you want to provide crypto -related services in Spain.

Registration open for vasps

The Bank of Spain has finally opened the tab for virtual asset service providers (VASPS) in the country and clarified the scope as well as the type of companies and individuals that should be registered. According to the statements sent In the Spain's virtual office, all platforms that offer services in Spain must register, even those that are not in the country.

The bank of Spain has also stipulated that companies can only register on the Internet, while individuals can contact the office of the General Register of Spain in order to transmit the requested documents.

The required documentation is extensive and includes a manual to prevent money laundering and terrorist financing, which was created by each of the institutes, a document for risk analysis and ID documents for all persons who carry out these operations.

Penalties and period

The law established hard punishments for companies and individuals who do not register and still work on. The penalties for bypassing this registration begin at € 150,000 (~ 175,000 $) and can be up to € 10 million (~ 11.6 million USD). Other punishments provided for in the law, which also include non -registration at Spanish Financial Intelligence Unit, range from € 60,000 to € 5 million.

Vasps initially had time until the end of this month to register, but the bank of Spain delayed the publication of documents that describe the registration process and clarify who has to make an application. However, all parties now know that they have to register again, even if they already adhere to other AML measures.

According to local reports, representatives of banks when offering cryptocurrency-related services for your customers doubted whether they had to register in order to be able to do cryptocurrency -related business in the future. While most experts were of the opinion that banks could do this best due to their existing compliance standards, the Spanish bank scolded this idea when it announced that all companies have to register.