Spain presents draft law to regulate crypto sector
The approval of the project, whose objective will be to face money laundering, is expected to be for the second semester of 2020
The Ministry of Economic Affairs and Digital Transformation of Spain has requested a public consultation in order to approve a Draft Law for the prevention of money laundering and terrorist financing and thus offer more security to investments with crypto assets.
In accordance with the provisions of the proposed legal framework, cryptocurrency exchange houses and providers of custody services for electronic wallets operating in Spain will be required to comply with new controls and measures to prevent money laundering and terrorist financing.
These providers of custody of electronic purses or safeguards of keys must be registered and will be supervised by the corresponding entities.
Another novelty that the Spanish government plans to strengthen is the identification system, through a single registry that will be shared with other countries of the European Union and that will always be available for consultation.
Through this system it will be possible to establish an interconnection of the information with registries of other countries of the European Union and, in turn, facilitate its access. It is important to highlight that this Draft Law is perfectly adapted to the systems established by the United Nations Security Council, on the application of sanctions and mandatory declarations in cross-border movements, in line with the Regulation of the European Parliament, as indicated by the source.
K.Villarroel
Source: bitcoin
