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10.06.2020

By agreement of the Council of Ministers, the Secretary General of the Treasury has published a new bill dated March 10, 2020, which amends the law on combating money laundering and terrorist financing.

Link to the bill

The draft law states that new entities that begin to provide exchange services such as buy bitcoin or sell bitcoin should be registered in the general data register, which was created for this purpose by the Central Bank of Spain.

In the future, each entity will be checked through banks.

Banks, in turn, must submit a report on request within a month to SEPBLAC (Spanish Financial Intelligence Authority responsible for verifying compliance with anti-money laundering / terrorist financing standards).

And by the way, under the jurisdiction of the bill, not only organizations that provide direct exchange services (direct exchange of Bitcoin, Etherium, etc.) fall, but also providers of such financial services that issue and sell new digital assets (issue new cryptocurrencies)

Similarly, individuals who receive similar services from organizations in Spain should be registered.

That cryptocurrency exchange in Spain or a single cryptocurrency that has not been registered will be considered an act of financing of terrorism and in accordance with the provisions of Section IV of the Law of 10/2014 of June 26 on the organization, supervision and solvency of credit organizations will be subject to sanctions in accordance with the law.

That is, if you are not officially registered and decide to make a simple financial exchange of cryptocurrency, for example, sell Bitcoin using the SEPA system, then you risk getting a real, serious punishment.

 

Other innovations included in this bill are the creation of a unified system for registering crypto-financial entities.

Also, the document of financial ownership in force from 2016 will be changed.

It will add information that will affect the owners of bank accounts.

The ability to exchange information between financial Spanish and international organizations will be improved.

 

The fact that the authorities want to legitimize and take crypto assets under full control, I think it’s clear to everyone. Therefore, we recommend that all crypto enthusiasts use the time wisely before the law is passed and purchase cryptocurrencies (Bitcoin and Etherium) without legislative problems and at a bargain price.