Spain will introduce strict regulations for crypto exchanges and custody platforms
In the incoming days, Spain will introduce a new strict law that will bring more restrictions and control on the crypto related companies.
The government authorities of Spain were working on bringing a new restrictive law for the crypto exchanges and other related services, so they were working on it. Now they are ready with their bill.
The Bank of Spain seems ready to bring new crypto regulation guidelines in the next few days. The new rules will impose new guidelines for the crypto exchanges and the crypto and digital assets custody provider companies, which are running in Spain.
They taken the reference of the Law 10/2020, which restrict and prohibit every kind of financial company for Money Laundering and Terrorism Financing.
“providers of virtual currency exchange services for fiduciary currency and custody of electronic purses” are required to begin a registration process”
By following the 10/2020 legislation, the government also explained by issuing Royal Decree-Law 7/2021. 7/2021 is responsible for a time range in accordance with the law for 6 month, which starts from April 29 and concludes on October 29 of this year.
Overall this new law on crypto Companies, especially exchanges, will bring better transparency in their operations that will restrict any kind of illegal or criminal financial transactions.
Read also: FTX helps Liquid Exchange with $120M against hack attack
