Banks in Spain are gearing up to offer clients crypto services as they wait for the central bank to clarify when they can roll out crypto-based products. A report unveiled this news earlier today, noting that the banks are frustrated because the Bank of Spain has not delivered on its promise to issue instructions to guide entities that want to register as crypto service providers.
According to the report, the Bank of Spain said it would issue a guide for banks looking to expose clients to crypto in June. The central bank was supposed to publish the guidelines between September and this month. However, it has not yet issued any direction or forms that interested banks should fill to request registration.
With the registry of banks that seek to offer crypto services set to become operational on October 29, financial institutions are confused because they don’t know whether they should be registered or not. Specifically, banks don’t know whether the registry, which primarily seeks to combat money laundering, is meant for regulated financial institutions.
Banks are already adhering to money laundering policies
Offering insight into the matter, Gloria Hernández Aler, a partner at regulatory advisory firm finReg, said,
It would not make sense for a bank to have to go through the requirements of good repute imposed by the norm, since these entities are already directly supervised.
However, she believes that banks should notify the central bank that they intend to offer crypto services. Gloria added that banks offering digital asset services would also have to update their money laundering policies to adapt to the dynamics of the crypto market.
Although the Bank of Spain has failed to offer instructions to guide banks that seek to provide crypto services, banks have an insatiable appetite for crypto. For instnace Banco Bilbao Vizcaya Argentaria (BBVA) has already rolled out a crypto trading service in Switzerland. At the moment, the service facilitates the custody and sale of Bitcoin (BTC).
CaixaBank also partnered with Onyze to promote a pilot project for services similar to those of BBVA. However, the pilot is not open to clients at the moment.
CNMV warns investors against cryptos
This news comes after the EU designated the Bank of Spain and the National Securities Market Commission, Spain’s stock market regulator known as CNMV, to oversee crypto activity alongside the European Central Bank. The move aimed to help complete a draft revision of the EU’s proposed regulation of crypto markets by the end of 2021 or early 2022.
While Spanish banks are gearing up to expose clients to digital assets, CNMV’s President, Rodrigo Buenaventura, warned that cryptos have no intrinsic value. He bashed cryptos saying, they depend on the prospects of demand and acceptance as means of payment and deposit of value.
ETHBTC is Clear, Are Bulls Ready to Send Ethereum to 0.12 BTC?
Is Ethereum Classic (ETC) a Good Investment?
Ethereum (ETH) Cup-and-Handle Pattern, Traders Predict a Bull Run to $6.6k
Crypto Holds the Line as Markets Crash on News of a New COVID Strain
Bitcoin Price Nuking, Is this a Clear BTCUSDT Sell Signal for $40k?
Grayscale Claims the Metaverse Is a $1T Opportunity in a New Report
What Is Audius Cryptocurrency? Is AUDIO a Good Investment?
Litecoin Destroying Bears, LTC/USDT Traders Predict a 10X Beyond $2k
Metaverse Coins Continue Soaring on News of Facebook Rebranding to Meta
What Is Coin98 (C98) And Is It A Good Investment?
SHIB Prices in a Pennant, will the Kraken Listing Drive the Token to $0.00010?
Bitcoin Analysts Predict a BTC/USDT Rally to $100k if October Highs is Broken
Learn1 year ago
Is Polkadot (DOT) A Good Investment?
News1 year ago
How Will Bitcoin React if Either Trump or Biden Wins?
Learn12 months ago
Yearn Finance Explained: A Simplified Guide to YFI
Price Analysis1 year ago
Bitcoin Price Prediction: China FUD, Path back to $13k or $20k?
Price Analysis9 months ago
Sushiswap price adds 14% week-to-date, SUSHI rallies 40X in 7 Months
Learn1 year ago
Is Chainlink (LINK) A Good Investment?