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Bank of Spain authorises VASP as first cryptocurrency platform to operate in Spain

The Bank of Spain, the country's central bank, has allowed the first cryptocurrency platform to operate and provide legally sanctioned services in the country. Bit2me was the first to acquire this permission, and it is now authorised to serve as a virtual asset service provider (VASP).

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.

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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