The Bank of Spain will require cryptocurrency platforms a favorable report from the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offenses (Sepblac) for their registration as financial services.
This is how PSOE and Unidas Podemos want it, which have registered an amendment in this regard to the bill of the Financial Client Authority, to which Europa Press has had access. Specifically, Socialists and ‘purples’ propose adding a new final provision to amend Law 10/2010, on the prevention of money laundering and terrorist financing.
Until now, the registration of these platforms was conditional on meeting the requirements of commercial and professional repute in the terms established in the law on the organization, supervision and solvency of credit institutions. However, if the amendment goes ahead, it would also require the approval of Sepblac, which is a financial intelligence unit under the Ministry of Economic Affairs.
This report, say PSOE and Unidas Podemos in the justification for the amendment, “is especially relevant” in these cases because these providers are not subject to continuous supervision by the Bank of Spain. They also point out that the “multiple risks” associated with cryptocurrencies, such as the lack of intrinsic value or their “highly speculative” nature, advise and motivate this change in the law.
In addition, the government partners say that the Sepblac report “is essential” for a correct assessment of the obligations of prevention and money laundering imposed by the regulations and to ensure that the entities, before their registration, have adequate procedures for internal control.