Spain’s Bank of Spain includes 17 virtual service providers to its existing registry. Spanish law states that crypto exchanges and custodial providers need to be registered in order to exist. Three companies have been added to the registry, however big names from crypto are not yet registered.
Bank of Spain Crypto Registry Reaches 17 Companies
With the addition of three new crypto companies, the Bank of Spain registered 17 virtual asset service providers. The registry added several exchanges and custody companies June, including Jobchain España, Jobchain Austria, Criptan Trade, Eurocoin Broker, Lemacoin Crypto Solutions, Bitpanda, and Vottun.
In June, the registry was accelerated. Most of the crypto exchanges that registered were local businesses who want to ensure they comply with Spanish law. The bank has since added many crypto companies to its registry, beginning with Bit2me in February. C.R. Tecnología y Finanzas, Bitcoininforme, Bit Base, Blox, Trade Republic Bank, Globalstar Technologies, Onyze Digital Assets, Bitgo Deutschland, and BTC Direct Europe, apart from the companies mentioned above.
Crypto companies must register in order to be allowed to work in this country. It was established as a result of a Spanish law change that requires companies to adhere to certain guidelines in order to avoid money laundering or terrorism financing.
Big Names Still Missing
Although the registry is very popular with local firms, allowing them to register their businesses and implement compliance tools that prevent money laundering, they have not had the same success when it comes to international exchanges. Binance, and other major exchanges, are not yet on the registry and remain part of an exchange list currently in regulatory limbo.
Specific to Binance, a grey list of cryptocurrency exchanges that operate in Spain has been issued by Bank of Spain. The company was recently reprimanded by the CMNV, the securities watchdog of the country, that ordered Binance to stop offering cryptocurrency-related derivatives, including futures contracts, to Spanish users of its platform.
The company, according to some reports, is currently in negotiations to be added to the Bank of Spain’s crypto registry, although it has yet to receive approval from the central bank.
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