Spain’s central bank is introducing new registration guidelines for local virtual currency service providers.
The Bank of Spain has issued instructions on registration for Anti-Money Laundering purposes, requiring institutions to submit their registration requests through an electronic registry.
The Spanish central bank noted that the obligation to sign up in the registry applies to all individuals and institutions providing virtual currency exchange services. The regulator stressed that VASPs will have to register regardless of whether they are also registered in other administrative records in the Bank of Spain or other related authorities.
According to the official statement, institutions are required to proceed with the registration even if their end customers are not located in Spain. Individuals are also recommended to use the electronic registry form but may also proceed via other channels like mail.
The instructions specifically require both legal entities and individuals to issue reports on their measures to prevent illicit activities like money laundering and terrorism financing and include certain information about their clients.
