Category: Bank of Spain

Bank of Spain Governor Highlights Need for Fast Regulation in Defi and Crypto

Bank of Spain Governor Highlights Need for Fast Regulation in Defi and Crypto

Pablo Hernández de Cos, governor of the Bank of Spain and chair of the Basel Committee on Banking Supervision, explained that the cryptocurrency space and decentralized finance (defi) need to be regulated swiftly to avoid risks of financial instability. Hernandez de Cos also mentioned how this swift approach should bring the crypto financial system into […]

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Bank of Spain Report Warns About Cryptocurrency Usage and Its Effect on Financial Stability

Bank of Spain Report Warns About Cryptocurrency Usage and Its Effect on Financial Stability

The Bank of Spain has issued a new report that touches on the subject of the popularity of cryptocurrency usage and the possible effects it might have on the financial stability of the nation. In the document, the bank explains that these assets — which ostensibly don’t have any kind of support behind them — […]

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Spain takes a focus on crypto ads, formulates new strict rules for the industry

Spain has granted the CNMV authority over crypto ads in the country, and the regulator has already issued tougher new rules on the same. The country is among others in Europe and regions of the US that are getting serious about “misleading” crypto promotions. Spain has now joined European regulators in the crackdown of crypto […]

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Bank of Spain Opens Mandatory Registry for VASPs

Bank of Spain Opens Mandatory Registry for VASPs

The Bank Of Spain has finally opened the mandatory registry for Virtual Asset Service Providers (VASPs) in the country. The bank also dispelled doubts that financial institutions had regarding whether they had to apply for the registry given they already comply with AML legislation. All institutions and persons must apply for the registry if they […]

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Crypto regulations for Spanish banks might be unnecessary

Spanish banks are gearing up in preparation for the upcoming crypto regulations. But in line with the regulations, the Bank of Spain must first put together, a list of virtual assets service providers by October 29. Now, this in itself would naturally not be a major challenge, but for the bogus nature of the whole […]

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Bank of Spain Criticizes El Salvador’s Foray Into Bitcoin

Bank of Spain Criticizes El Salvador’s Foray Into Bitcoin

The Bank of Spain, the central bank of the country, criticized the adoption process El Salvador chose when declaring Bitcoin legal tender last month. In a report titled “The role of crypto assets as legal tender: the example of El Salvador,” the bank examines several pain points the country encountered while applying its bitcoin strategy, […]

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Mica Law Draft Designates CNMV and Bank of Spain as Crypto Watchdogs

Mica Law Draft Designates CNMV and Bank of Spain as Crypto Watchdogs

The latest Mica (Europe’s Markets in Crypto-Assets Regulation) revision designates the CNMV and the Bank of Spain as the main cryptocurrency watchdogs in the country. The draft also stipulates that companies offering services in the EU will need to be based in a European country. The norm excludes NFTs, for now. Experts state the law […]

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Spanish Treasury Secretary Says Cryptocurrencies Carry a ‘Risk of Default’, Repeats Bank of Spain’s Lack of Regulation Rhetoric

The government of Spain continues to harden its stance against widely adopting cryptocurrencies. The Spanish Secretary of State for the Economy recently expressed her concerns on risks that she thinks cryptos possess for the national economy. Secretary Doesn’t Like Bitcoin as It Cannot Be ‘Supervised or Sanctioned’ During the Online Fintech Summit 2021, Ana de […]

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El Español Says Spanish Authorities Joint Statement Is a Warning to Companies in the Wake of Tesla’s BTC Buy

The Spanish financial markets watchdog and the country’s central bank criticized — again — cryptocurrencies as an investment asset. The entities issued a joint statement warning about the high risks the cryptocurrency market poses. Document: Crypto Adoption as a Payment Means ‘Is Still Limited’ Per the paper, the Bank of Spain and the National Securities […]

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