Bit2Me has just released the registry of cryptocurrency platforms of the Bank of Spain. The Spanish firm has thus become the first to form part of this group, to which must be added all those that offer custody services for digital currencies and fiduciary currency exchange in Spain.
With its inclusion in the register, the Bank of Spain recognizes that Bit2Me complies with the commercial and professional honorability requirements established for traditional entities as well as the prevention systems required by the new money laundering regulations. In addition, it so happens that the Spanish firm was the first to request its incorporation once the supervisor opened the way for it.
The CEO of Bit2Me, Leif Ferreira, has highlighted that “the recognition of the Bank of Spain is a boost to our commercial relations”. In addition, he has highlighted the fact that being pioneers “speaks for itself of the security with which the service is developed” offered by the platform based in the Alicante town of Elche.
The inclusion of the Spanish firm in the register comes one year after his #WelcomeABitcoin campaign which precisely placed several outdoor advertising media in the vicinity of the Bank of Spain. A circumstance that triggered the regulation of advertising on cryptocurrencies in the country, which precisely this Thursday comes into force.
As a consequence of the tightening of the rules to prevent money laundering through cryptocurrencies, as approved by the Council of Ministers on April 28, all service providers of exchange virtual currency for fiat currency and custody of electronic purses that operate in Spain must request their inclusion in the register of the Bank of Spain.
This registration is mandatory regardless of whether the firms have an operating subsidiary in Spain or do so from abroad. In this sense, the procedure is electronic through the Banco de España website. Thus, on January 28 it was known that Binance had chosen to establish a new subsidiary in the country as a preliminary step to requesting its registration with the supervisor.
From the sector it is expected that this measure can help increased adoption of cryptocurrencies among Spanish investors, which will thus have one more guarantee when choosing which platforms to operate on. In this sense, the most recognized ones had been applying their own protocols for tracking the origin of capital and identifying clients for years.
So much so that, according to market sources, the National Securities Market Commission (CNMV) itself would already be raising a review of its so-called ‘grey list’ of market operators. In this way, the cryptocurrency platforms that obtain authorization from the Bank of Spain to be part of its registry could leave this group in which they are included by the mere fact of do not have authorization to provide investment services, which in application of the current law is not necessary if they limit their catalog to crypto assets.