Banks in Spain are preparing to offer crypto services to their customers, however are being irritated by the absence of clearness from their reserve bank.
- The Bank of Spain stated in June it would supply guidelines for entities wanting to register to supply crypto services.
- The matching computer system registry is implied to be functional by Oct. 29, however the banks are still waiting on guidelines, Spanish paper El Pais reported Tuesday.
- Specifically, there is unpredictability as to whether the computer system registry – which intends primarily to fight cash laundering – is developed for banks that are currently controlled entities.
- “It would not make sense for a bank to have to go through the requirements imposed, since these entities are already directly supervised,” Gloria Hernández Aler, a partner at regulative advisory company finReg, stated.
- “However, it does make sense for them to notify that they are going to provide this type of service and, probably, they will need to change their money laundering policy to adapt it to the dynamics of crypto assets.”
- Lacking firm instructions from the reserve bank, numerous of the big banks’ compliance departments have actually gone about discovering whether they have to be signed up to offer crypto services, El Pais reported.
Read more: EU to Designate Bank of Spain, Securities Regulator for Crypto Oversight: Report