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Another barrier broken: Spain gives banks and exchanges a week to ask to legally operate with Crypto

Bitcoin has broken yet another barrier between the traditional financial system and the digital world of cryptocurrencies.

Another barrier broken: Spain gives banks and exchanges a week to ask to legally operate with Bitcoin (Image: Shutterstock)

In Spain, traditional banks can now offer buying and selling Bitcoin and cryptocurrencies to their customers. The release was given through a publication by the Spanish Central Bank (BDE).

As indicated by the Bank of Spain on its official website, the forms that banks and service providers need to fill in to be authorized to operate with cryptoactives are now available to all interested parties.

With regard to legal entities, the BDE clarified that they must submit applications through the electronic registration.

On the other hand, individuals can use any of the channels indicated by the agency, in addition to the digital method.

The BDE clarifies that the registration will be made pursuant to Law 10/2010 of April 28, regarding the prevention of money laundering and terrorist financing.

The release of the BDE was already expected by financial institutions and cryptocurrency operators in the country. In fact, they were just waiting for the release of the documentation needed to register on the list of organizations that operate with cryptocurrencies.

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Although the BDE announced the regulations in June, it was only this month that the institution published the mandatory forms.

According to the BDE, several local banks have already contacted them seeking more information about the process. However, it is still not possible to say which or how many traditional banks have registered to work with cryptocurrencies.

“I fear that, at the moment, we do not have public information about the possible applicants for authorization, as the deadline for publication of official registration forms has not yet been met (ends in late October),” said Nur...
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