• The central bank in Spain has finally opened the registry for cryptocurrency service providers in the country.
  • The Bank of Spain has published new guidance for following AML guidelines for virtual asset providers.
  • All institutions and individuals must register with the bank if they wish to provide cryptocurrency services in the country. 

The central bank of Spain has introduced new registration guidelines for cryptocurrency service providers in the country, including banking and financial institutions. 

Bank of Spain opens registry for crypto firms

Digital asset service providers will need to sign up in the registry with the Bank of Spain to comply with anti-money laundering (AML) guidelines. 

The central bank stated that all individuals and institutions providing cryptocurrency-related services such as trading and custody would need to register regardless of whether they have registered with other administrative records in the country.

Individuals and legal entities are required to report on their measures to prevent money laundering, terrorism and other illicit activities that include certain information on their users.

This process was first announced by Spain’s central bank in June to later on, provide instructions on how to proceed with registration. 

Companies can only register online, while individuals can go to the offices of the General Registry of the central bank to deliver the necessary documents.

Institutions in Spain would be required to register with the central bank regardless of where their customers are located. They would also need to include documentation that outlines preventive measures of illicit activities, a risk analysis document and identification documents of the people running the compliance operations. 

Harsh penalties will be imposed for companies and individuals who continue to operate without registering with the central bank. The penalties could be as high as $11.6 million for those who fail to register.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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