The Bank of Spain has authorised the country’s first platform to operate as a registered virtual asset service provider (VASP). Bit2me is the first to get this licence, which permits it to operate in Spain after working with the government to demonstrate that it meets the legal criteria. The inclusion of Bit2Me in the Spanish regulator’s registration is another step toward the widespread use of Bitcoin and other cryptocurrencies in Spanish culture. It comes from an amendment to the law that prevents money laundering and financing of terrorism that was approved in April.
Analysts have described the conditions established by the law as tough, stating that this registration will mark a before and after for crypto-related service providers in Spain. There must be a manual for preventing money laundering and terrorist financing at each exchange. There must also be a risk management document that explains how the information flows and what steps will be taken to do the right thing.
The law also specifies the penalties that corporations will face if they continue to operate in the country without a license. Companies who fail to register may be fined between $170,498 and $11,366,900. Penalties might also include sanctions on these firms’ directives.