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How will the anti-money laundering bill affect the cryptoactive sector?

July 2, 2020

On July 2nd at 6 p.m. (Spanish time), A virtual meeting will be held on the new bill to prevent money laundering in Spain. The initiative aims to analyze their impact and impact on the cryptoactive sector. This was reported by Crypto Plaza through its website.

The organizers said about it: “In this meeting we will have Specialist lawyers by Pinsent Masons, the They will explain the recent entry into force of the Fifth Anti-Money Laundering Directive and the recent law that has been incorporated into our law in Spain. ”

“This explanation will focus on that Impact of these new rules on cryptocurrency companies and how it has been implemented in other European Union countries, “they added.

How will the anti-money laundering bill affect the cryptoactive sector?How will the anti-money laundering bill affect the cryptoactive sector?

From a practical point of view, an attempt is made to react to how this regulation imposes new requirements in the cryptoactive sector and how these requirements can be met.

They also emphasized that Pinsent Masons ‘multidisciplinary team on money laundering and cryptoactive assets will try to answer participants’ questions.

The panel that will participate consists of:

  • Teresa Ruano, Money Laundering Specialist at Pinsent Masons

  • Idoya Arteagabeitia, responsible partner for the Fintech division of Pinsent Masons

  • Cristina Carrascosa, Lawyer of the company and global leader of the blockchain division of Pinsent Masons.

Some design details

In Spain, Service providers connected to virtual currencies or cryptocurrencies must take measures to prevent money laundering and terrorist financingwhile registered and subject to regulatory oversight. This was reported by Investing.com in an article published on June 12th. The parliamentary approval of this regulatory text is planned for the second half of 2020.

“It is one of the novelties in the draft law that implements the Community Anti-Money Laundering and Terrorist Finance Directive, amending the law released by the Ministry of Commerce for a public hearing this Friday,” the publication said. .

On the other hand, it was explained in detail that on the new compulsory topics also “virtual currency exchange services for legal tender or vice versa or the exchange between virtual currencies and providers of custody services for electronic wallets or the securing of keys”.

They registered the Bitcoin brand and logo with the Spanish Patent and Trademark Office

Identification system

The article added The new law would also strengthen the identification system of the actual owners of legal entities (Institution, organization or company). In view of this, a single registration system would be created with the compulsory registration of trusts and companies of a similar nature operating in Spain and their actual owners.

“This new registration system will enable the information to be linked to the registers of other countries in the European Union and will facilitate public access to this information. In addition, the regulation will extend the requirement for an automated system with updated information on the holders of all bank accounts to lockers and all payment accounts, ”the Investing.com article said.

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