Regulation is one of the hottest topics when it comes to the cryptocurrency sector, and Spain is already addressing the possibilities of having more control over these cryptocurrencies.
Now, from the Ministry of Economy of Spain, a draft royal decree has been published that has the objective of modifying and updating the Law for the Prevention of Money Laundering and the Financing of Terrorism. This step is not yet final, at least until April 13, which will be the moment prior to the legislative process.
This situation is not accidental, since Spain is following the same policy that the European Union is carrying outthat is, a tighter control over cryptocurrencies, as was revealed in the debate that took place last Thursday in the European Parliament.
The new Regulation of the Cryptoactive Market (known as MiCA) would include the scrutiny of all transactions, regardless of the amount (until now there was no surveillance in transactions below 1,000 euros), and the mandatory verification of the personal data of the sender and the receiver, even when the transactions are made through “non-custodial wallets”.
What’s more, cryptocurrencies have been more than ever in the spotlight in recent weeks, since Russia intends to use them as a back door to avoid the sanctions it is suffering from the West.
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Obligation to inform virtual currency service providers
But the project of the Ministry of Economy has other notable points: the change proposes to include in the list of subjects obliged to inform virtual currency service providers, In addition to virtual currency exchange services for legal tender, electronic wallet custody service providers and key safeguard service providers, according to the newspaper Five days.
Until now, only providers of virtual currency exchange services for fiduciary currency and custody of electronic purses were included in this section. Now, the three service modalities associated with these virtual assets would enter, In addition, the CNMV and the Bank of Spain have warned of the dangers of digital currencies for retail savers.
According to the Ministry, “the alternative of not modifying the royal decree supposes generating legal uncertainty by maintaining a regulatory regulation on the prevention of money laundering and the financing of terrorism that is neither updated nor consistent with the current law”.