News in the bill to prevent money laundering in Spain includes cryptocurrencies

In Spain, after last month, the draft law amending Law 10/2010 of April 28th on the prevention of money laundering and terrorist financing is in a phase before its parliamentary processing. In June, the Ministry of Economy and Digital Transformation will hold a public hearing. Cryptocurrencies are included in some changes. This was stated in ConfiLegal in an article signed by Irene Casanueva.

Casanueva stated the following: “The text by Nadia Calviño’s department implements EU Directive 2018/843 on the Prevention of Money Laundering and Terrorist Financing, known as the Fifth Directive. January was the deadline for the implementation of this directive and the European Commission urged Spain to urgently implement the legislative changes to implement them.

Then he added: “Among the most important changes are those that affect cryptocurrencies and the listed real estate investment companies (Socimis) ”.

News in the bill to prevent money laundering in Spain includes cryptocurrencies
News in the bill to prevent money laundering in Spain includes cryptocurrencies

“And that’s it The preliminary draft provides for the inclusion of new compulsory subjects and, in particular, the subordination of those who provide services for the exchange of virtual currencies for legal tender to preventive obligations“, he showed.

On the other hand, Casanueva wrote: “Service providers for the custody of electronic wallets are registered as mandatory persons, ie persons or legal entities who, on behalf of their customers, provide private cryptographic keys to protect services for the possession, storage and transmission of virtual currencies in a similar way to custody of monies or traditional financial assets ”.

It should be noted that, according to the ConfiLegal publication, the new anti-money laundering rules – under the Directive – would imply the obligation to register these providers.

FATF recommendation

It is important to remember that on the other hand The FATF recommendation is added (Financial Action Group) on the inclusion of exchange service providers between different virtual currencies (not only between virtual and real currencies) as mandatory topics in national laws as well as their regulation and registration.

“The FATF is also considering the need to regulate financial services providers that enable the issuance and negotiation of virtual assets that qualify as tradable securities (‘security tokens’).” Casanueva stated.

“However, under the Preliminary Draft, there is no need to make additional legislative changes to cover this provision, as the National Securities Market Commission’s assessment as a negotiable asset implies its application of the existing regime for the rest of the negotiable securities that are already in compliance with regulations Is subject to money laundering, ”he explained.

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