The registry of ‘crypto’ providers of the BdE adds 41 companies year later
The registry of cryptocurrency service providers of the Bank of Spain already has 41 companies since its creation, in October 2021, according to data compiled by Europa Press. This record includes providers dedicated to the exchange of fiat currencies by other virtual ones and wallet custodians, and in recent months the rate of incorporations has accelerated. If in June the number was 15, in the summer months and the first weeks of October it has already added 25 companies.
The latest to join has been Vent Finance, a company that facilitates the crowdfunding fundraiser (crowfunding) for the launch of tokens and other projects related to the world of cryptocurrencies, blockchain and decentralized finance. Passive cryptocurrency investment platform Depasify and Bitcoin exchange ATM network Kurant have also signed up, as well as Bodnerstand and Cryptaureus.
Most of them are based in Spain, with 12 in the province of Madrid, nine in Barcelona, four in Valencia, one in Castellón, one in León, one in Girona, one in A Coruña, one in Alicante, one in the Balearic Islands and one in Asturias. In addition, there are two companies registered from the Netherlands, two from Germany, two from Austria, one from the UK, one from Hungary and one from Estonia.
The Bank of Spain spokeIllicit this record in October 2021 for cryptocurrency service providers, following the second additional provision of Law 10/2010, of April 28, on the prevention of money laundering and the financing of terrorism.
On its website, the supervisor specifies that Law 10/2010 includes these providers as obligated subjects for its purposes and introduces an obligation to register with the Bank of Spain, as well as the ccompliance with requirements and requirements provided for in the regulations for the prevention of money laundering and financing of terrorism.
Registration in the register is only conditional on the existence of adequate procedures and bodies for prevention of money laundering and financing of terrorism, and compliance with the requirements of commercial and professional honorability. However, it points out that this law “does not establish financial supervision standardsprudential, corporate governance, technological security or market conduct or information transparency”.
As an example, the Bank of Spain points out that “does not monitor” financial risks or operational and security of these businesses nor does it have any competence in matters of conduct over these suppliers.
Thus, it emphasizes that the registration in this registry “does not imply approval or verification any of the activity carried out by providers of exchange services of virtual currency for fiduciary currency and custody of electronic wallets by the Bank of Spain”. Likewise, the Bank of Spain indicates that, once the registration application has been submitted, it has a period of three months to resolve the receipt and register the company in the registry.
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