All companies, including existing licensed banks, must register. The Bank of Spain has given guidelines on how to register with the central bank to sell crypto-related services in the nation, after months of anticipation.
Institutions are urged to register through an electronic registration, following which the central bank will review the application for up to three months.
Spain’s central bank originally announced the procedure in June, promising that instructions on how to proceed will be published in due time. Those directions have already been received.
Much of the confusion centered on whether or not established mainstream financial institutions, such as banks, would be required to register as previously regulated companies.
The Bank of Spain has clarified that they do: “The obligation to register in this registry applies to all-natural or legal persons who are in any of the above categories and provide virtual currency exchange services for fiduciary currency or custody of electronic purses, regardless of whether they are also registered in other administrative records at the Bank of Spain or with other competent authorities,” the bank stated in a statement.
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