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       #Post#: 82--------------------------------------------------
       Spanish Banks interested in offering crypto assets to their
       customers
   DIR By: guest7
       Date: October 30, 2021, 8:40 am
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       Spanish banks are preparing for the possibility of offering
       crypto assets directly to their customers. According to new
       regulations, the Bank of Spain must formulate a list of virtual
       asset service providers and custody companies. However, these
       institutions are still not sure if they must apply, because
       banks already comply with anti-money laundering directives
       derived from other laws.
       Spanish Banks Jump to Comply With Crypto Laws
       Spanish banks are interested in offering cryptocurrency services
       to their customers and will be making arrangements to comply
       with upcoming regulations. Spanish banks are already on track to
       register for the list of virtual asset service providers and
       custody organizations that must be compiled by the Bank of Spain
       before October 29.
       The Bank of Spain announced it would release the paperwork and
       instructions for interested parties in the upcoming registry,
       but failed to do so. This has made banks uncertain whether they
       need to register again under applicable laws. Banks in Spain
       already comply with anti-money laundering laws, so for some
       experts, re-registering should be not necessary for banks to
       offer crypto services.
       Gloria Hernández Aler, a partner of the regulatory advisory firm
       Finreg, stated:
       It would not make sense for a bank to have to go through the
       requirements imposed by the standard. 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.
       Banks Flirting With Crypto
       Some banks that operate in Spain have already established plans
       to open crypto operations or are already operating with
       cryptocurrencies abroad. This is the case for BBVA, which has
       already established a commercial crypto asset in Switzerland
       that offers exchange and custody services. Caixabank, another
       Spanish bank, is starting a pilot program offering these
       services in partnership with Onyze, a company that offers a
       custody-as-a-service program for enterprises. However, this
       pilot will not be offered to customers for the foreseeable
       future.
       The cryptocurrency regulatory framework for the European Union,
       called MICA (Markets In Crypto Assets), is still under
       development. Sources state that while it will be difficult for
       the framework to be ready this year, all signs point to a
       release in early 2022.
       What do you think about the interest Spanish banks have in
       offering cryptocurrency services to their customers? Tell us in
       the comments section below
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       Posted by astra
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