Spanish banks begin moves to offer crypto services to clients

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TL;DR Breakdown

  • Spanish banks ready to offer crypto services to clients.
  • Regulatory clarity hindering banks from making further step with providing crypto services.

Spanish Banks have begun taking steps to provide cryptocurrency services to their customers as reports have it that these entities are making plans to comply with upcoming regulations.

In June, the country’s apex bank, Bank of Spain, said it would provide instructions for entities wishing to register to provide crypto services.

Many Spanish banks are ready to comply and register for the list of virtual asset service providers and custody organizations that the Bank of Spain will compile before October 29.

However, regulatory uncertainty if they need to register again under applicable laws has confused banks as the apex bank has yet to provide instructions on what banks must do to make them eligible to offer crypto services.

Spanish banks to start with already comply with anti-money laundering laws; hence some experts believe they don’t need to register again to offer crypto services.

“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, Gloria Hernández Aler, a Banking and Finance lawyer, said.

The Bank of Spain still has to make a final announcement.

More and more Spanish banks want to offer crypto products

Despite the confusion by the Bank of Spain, many banks in the country still want to join the crypto bandwagon. BBVA, one of the top banks in the country, recently established a commercial crypto asset in Switzerland. It offers access and custody to its Swiss clients.

Caixabank, another institution, is starting a pilot test in partnership with Onyze, a company that offers a custody-as-a-service program for enterprises. However, there is no timeline as to when this pilot will be available to the general public.

With such growing interest, the need for regulations guiding the system increases to protect citizens who delve into the asset.

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