Crypto regulations for Spanish banks might be unnecessary

Spanish banks are gearing up in preparation for the upcoming crypto regulations. But in line with the regulations, the Bank of Spain must first put together, a list of virtual assets service providers by October 29. Now, this in itself would naturally not be a major challenge, but for the bogus nature of the whole situation.

Spanish Banks Faced With Uncertainty As They Race to Comply With Crypto Regulations

In the wake of recent crypto regulations, Spanish banks who have interest in offering cryptocurrency services directly to their customers, are beginning to make arrangements to comply with the upcoming regulations. However, most of these financial institutions are still unsure if they must even apply at all.

For starters, banks are already in compliance with other anti-money laundering laws. Now, just like these banks, many experts strongly believe that re-registering would just be amounting to a sheer waste of time.

In addition to the confusion that’s already in place, the Bank of Spain has also failed to live up to its previous announcement — to release the paperwork and instructions for interested parties in the upcoming registry. This has further added to the uncertainties of these banks as they wait to find out whether they need to register again under applicable laws.

Some Spanish Banks are Not Waiting

Some of the banks operating in Spain can’t really wait to start their crypto-related transactions. With the likes of BBVA having already established a commercial crypto asset in Switzerland as reported by Coingape. There’s also Caixabank, another bank who in partnership with Onyze, is starting a pilot program offering crypto services.

What Can the Banks Do In this Situation

In all honesty, it really doesn’t make a lot of sense for these banks to have to go through the all of the requirements imposed by the crypto regulations standard. And seeing as no clear paperwork or instructions have been issued by the regulators, it is really not necessary in my own opinion. However, to avoid complications that might arise in the future from offering crypto services, it is advisable that the banks alter their money laundering, and terrorism funding policies and laws.

About Author

Mayowa Adebajo