Companies offering the purchase, sale, and custody of cryptocurrencies in Spain must have permits to operate in the country from July 1st, the date on which the regulations in this market established by the MiCA law come into effect.

According to industry analysts, exchanges and other service providers must be duly registered with the National Securities Market Commission (CNMV) by July 1st; otherwise, they must cease operations immediately.

There are 56 entities in Spain licensed to offer crypto services; among them are BBVA, CaixaBank, and OpenBank (Santander Group). All are considered benchmarks in the national crypto market.

The MiCA law aims to provide security, transparency, and oversight to transactions. The end of the transition period represents a significant reduction in the number of operators who will no longer be able to offer their services.

M.Pino

With information from international media

(Reference image source: Sasun Bughdaryan on Unsplash)

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La entrada The MiCA law on cryptocurrencies will come into effect in Spain on July 1st. apareció primero en Bitfinance.

The Financial Conduct Authority (FCA) of the United Kingdom decided to suspend the services of all cryptographic ATMs that operate in the country, because the responsible operators do not have the necessary legal permits to carry out their operations and the terminals are operating illegally.

The information was provided by the regulatory body through a statement in which it warns that “all ATMs that operate with cryptocurrencies within the country stop their operations” because none of the “companies in charge of ATMs do not have the relevant permit, so they are committing a crime”.

The regulatory body also reported that it has contacted the country’s ATM operating companies to inform them “that they must stop their service or they will face very large sanctions.” According to the FCA, companies that are offering cryptocurrency services through ATMs are not registered, therefore “they do not have the relevant license to offer cryptographic services to UK citizens.”

FCA will prevent smurfing

The FCA rejected the request made by the cryptocurrency ATM operator Gidiplus for not requesting enough personal information from users who carry out operations with small amounts. According to the regulatory body, this practice could be used by citizens “to launder large amounts of money using the smurfing technique.”

The smurfing technique consists of laundering large amounts of money in small quantities and the Gidiplus company cashiers did not request the minimum information from those with incomes of less than 250 pounds sterling, for which the FCA denied the license under the Regulations regime. money laundering (MLR).

The company challenged the FCA’s decision before the Superior Court of Justice. However, the court ruled in favor of the regulator showing that Gidiplus had not proven that it could operate in a way that complied with the MLR protocol.

The regulatory body issued the statement, based on the decision of the Superior Court of Justice, forcing the rest of the operators to demonstrate that they comply with the protocols established by MRL if they wish to continue their operations in the country.

There are currently 82 cryptocurrency ATMs in the United Kingdom, which must stop their operations until they verify that they comply with the protocols to prevent smurfing.

M. Rodríguez

Source: bitcoin.es

La entrada UK suspends crypto ATM services apareció primero en Bitfinance.

The South Korean Legislation and Justice Parliamentary Commission plans to approve the reforms to the Telecommunications Companies Law, which includes aspects related to the collection of commissions. Companies like Google and Apple will not be able to require software developers to use their payment systems, no longer getting commissions for “in-app purchases”.

If the commission approves the legislative reform on Tuesday, also known as the “anti-Google law”, it will be submitted to a final vote next Wednesday and those would be the first restrictions that technology companies would face by one of the strongest economies globally.

The law is focused on “application store operators with dominant positions in the market”, and parliamentarians, since mid-2020, have been pushing “the question of the structure of commission charges.”

If it becomes law, developers will have different options and will be able to select which independent payment systems they want to use.

Worldwide, both Google and Apple have received criticism and harsh criticism for demanding that developers use the payment systems of their companies, which charge up to 30 % commission for each of the purchases made.

Kwon Se-hwa, CEO of the Korea Internet Corporation Association, a non-profit group representing Korean technology companies, noted in the case of game applications, “Google has forced application developers to use its own payment system (…) and wants to extend its policy to other applications such as music or cartoons.”

Other nations are also managing legal aspects that allow them to put limits on the world’s technology companies, this is how in 2020 the European Union proposed the Digital Markets Law, which also aims to reduce the “commissions of the application stores”. However, some lawmakers want to “toughen it up to specifically target America’s tech giants.”

In the United States, three bipartisan deputies presented a project “that would stop the application stores of companies that, according to them, exercise too much control of the market, including Apple and Google.”

M. Rodríguez

Source: lanación.com

La entrada South Korea to impose restrictions on Google and Apple apareció primero en Bitfinance.