Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries

Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries
фото показано с : news.bitcoin.com

2021-5-5 02:30

The Spanish government doesn’t stop imposing its tough stance on cryptocurrencies, as another rule comes to strengthen the existing ones. A royal decree recently enacted aligns current regulations with the European Union’s directives regarding anti-money laundering (AML).

Rule Aligns With the European AMLD5 Policies

According to the decree published in the state official newsletter, Spanish laws now follow the directive 2018/843, commonly known as AMLD5. Specifically, crypto exchanges and custodial firms must share customers’ data with the whole European bloc.

That said, domestic crypto businesses should be registered with Spain’s authorities as “new obligated subjects” to comply with the rule. An excerpt of the decree reads:

The creation of this registry is accompanied by the establishment of an obligation for legal persons and entities without legal personality to obtain, keep and update this beneficially owned information and provide it to authorities and obligated subjects. In this context, both the data and information must be kept in this registry and the specific people responsible for its maintenance and updating are clarified.

if (!window.GrowJs) { (function () { var s = document.createElement('script'); s.async = true; s.type = 'text/javascript'; s.src = 'https://bitcoinads.growadvertising.com/adserve/app'; var n = document.getElementsByTagName("script")[0]; n.parentNode.insertBefore(s, n); }()); } var GrowJs = GrowJs || {}; GrowJs.ads = GrowJs.ads || []; GrowJs.ads.push({ node: document.currentScript.parentElement, handler: function (node) { var banner = GrowJs.createBanner(node, 31, [300, 250], null, []); GrowJs.showBanner(banner.index); } });

Cryptocurrency’s Definition in the Royal Decree

Furthermore, crypto hedge funds are also required to follow the new procedure, which also asks all involved firms to report “suspicious transactions” to the authorities.

Interestingly, another requirement of the rule enacted seeks to cross-collect data with other ones across Europe and then open it to “public access.”

The decree also defines the cryptocurrencies that should abide by the law:

The virtual currency will be understood as digital representation of value not issued or guaranteed by a central bank or public authority, not necessarily associated with a legally established currency and that does not have the legal status of currency or money, but that is accepted as a means of exchange, and it can be transferred, stored or traded electronically.

What do you think about the new royal decree published by the Spanish government? Let us know in the comments section below.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Exchange Union (XUC) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 1.0566 (-100%)

european union ones royal decree existing strengthen

european union → Результатов: 126


Binance, Huobi Launder Over 50% Of $2.8B In Illicit BTC Transactions: Chainalysis Report

Binance and Huobi cryptocurrency exchanges receives over 50% of the total cryptos used in criminal activities according to a report by Chainalysis, a cryptocurrency data analysis firm. The high figure comes at a time the former is on the edge of moving offices from the European Union as AMLD5 takes effect in the near future. […]

2020-1-16 17:41


Smoking Gun: Dutch central bank caught overreaching in local crypto businesses

The upcoming fifth Anti-Money Laundering Directive (AMLD5) within the European Union (EU) has already spelled the end for smaller crypto firms on the continent. In the latest, however, a secret memo between the Dutch Central Bank and the Minister of Finance indicates that crypto companies in Holland may face additional rules that go beyond what […] The post Smoking Gun: Dutch central bank caught overreaching in local crypto businesses appeared first on CryptoSlate.

2019-12-19 12:00


European Union Launches New Blockchain and AI Fund To Avoid Falling Behind US And China

The European Union (EU) and its commission have set up a new fund that will be dedicated to providing capital for artificial intelligence (AI) and blockchain projects in the region. According to the reports, the EU donated around $100 million EUR to the fund and private investors are expected to bring up at least $300 […]

2019-11-22 21:51


EU Will Opt Against Issuing Stablecoins, Instead Choosing to Regulate Existing Stablecoins

Stablecoins are one of the most consistent assets of the cryptocurrency industry, and there have already been many countries and companies to come out with their own versions. While the idea of having an asset pegged to an asset is appealing to some, the European Union is notably setting themselves apart. While the EU isn’t […]

2019-11-7 02:52


European Union Ponders Issuing a Public Digital Currency to Compete With Facebook’s Libra

The European Central Bank (ECB) has recently considered the idea of issuing its public digital currency via a new draft document, according to Reuters. This is seen as a response against the Facebook backed project, as the company’s upcoming launch of the Libra has made regulators all over the world wary. Since Facebook shared plans […]

2019-11-5 21:25