Spanish banks interested in offering crypto assets to their customers –

Spanish banks are preparing for the possibility of offering crypto assets directly to their customers. Under the new regulations, the Bank of Spain must create a list of virtual asset providers and custodians. However, these institutions are not yet sure whether they need to apply because banks already comply with anti-money laundering guidelines derived from other laws.

Spanish banks jump to comply with crypto laws

Spanish banks are interested in offering cryptocurrency services to their customers and will do so Agreements comply with upcoming regulations. Spanish banks are already on track to register for the list of virtual asset providers and custody organizations to be drawn up by the Spanish Central Bank before October 29th.

The Bank of Spain announced that it will prepare the paperwork and instructions for interested parties in the coming registration, but he didn't succeed. This has left banks confused as to whether they need to re-register under current law. Banks in Spain already comply with anti-money laundering laws, so for some experts, re-registration should not be necessary for banks to offer crypto services.

Gloria Hernández Aler, partner at regulatory consulting firm Finreg, explained:

It would not make sense for a bank to have to meet the requirements of the standard. However, it makes sense for them to inform that they will be offering this type of service and they will probably have to change their money laundering policy.

Banks flirting with crypto

Some banks operating in Spain have already put in place plans to open crypto businesses or are already operating with cryptocurrencies abroad. This is the case with BBVA, which has already established a commercial crypto asset in Switzerland offering exchange and custody services. Caixabank, another Spanish bank, is launching a pilot program offering these services in collaboration with Onyze, a company that offers a custody-as-a-service program for businesses. However, this pilot will not be offered to customers in the foreseeable future.

The cryptocurrency regulatory framework for the European Union, called MICA (Markets In Crypto Assets) is still under development. Sources say that while it will be difficult for the framework to be ready this year, all signs point to an early 2022 release.

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