The Spanish central bank has issued new registration criteria for digital currency service providers, including banks and financial institutions, in the nation.

The Bank of Spain has opened a register for cryptocurrency companies.

To conform with anti-money laundering (AML) requirements, digital asset companies will need to register with the Bank of Spain.

Despite whether they have filed with other administrative records in the nation, the central bank announced that all persons and entities offering digital currency-related services like trading and custody would be required to register.

People and legal businesses must disclose their anti-money laundering, anti-terrorism, and anti-other criminal activity measures, including some information about their customers.

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Spain’s central bank originally confirmed this procedure in June and subsequently provided guidelines on how to continue with registration.

Individuals may travel to the General Registry of the central bank to present the required paperwork, whereas businesses can only register online.

Spanish financial institutions would be forced to register with the central bank despite where their clients are situated. They’d also need to submit papers outlining illegal activity prevention methods, a risk analysis document, and identity documents for the personnel in charge of compliance activities.

Businesses and individuals that continue operating without registration with the central bank may face severe fines. For example, failure to register might result in fines of up to $11.6 million.


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