Recently the Council of Ministers in Spain adopted a Royal Legislative Decree implementing the 5th Anti-Money Laundering Directive (AML5).
On April 28, the Royal Decree-Law 7/2021 of April 27 on the implementation of EU directives on competition issues and the prevention of money laundering was published in the Official Journal (BOE). Credit institutions, telecommunications, tax measures preventing and repairing environmental damage, posting of workers in the provision of transnational services and defense of consumers.
Ricardo Oliva León, a lawyer specializing in corporate law and the protection of personal data, referred to this issue on LinkedIn and stated: “It is worth highlighting the inclusion of new mandatory topics and in particular the filing of the preventive obligations of people using virtual currency exchange services for legal tender ( Exchanges). It is also included as obligated subjects for the providers of custody services for electronic wallets (crypto wallets), which are understood as natural or legal persons who, on behalf of their customers, provide protection services for private cryptographic keys for holding, storing and transferring virtual currencies in a manner similar to the custody of funds or traditional financial assets.
In both cases, submission to the anti-money laundering regulations is accompanied by an obligation to register these providers. The register is overseen by the Bank of Spain, which also lays down the good conditions necessary to access and maintain registration, he added.
Holders, Bank Accounts, and NFTs
According to an article by the Blockchain Observatory in the normative representation of the BOE Particular attention is paid to the registration of royal owners. In this publication it was stated in detail: “Exchanges and custody services are responsible for obtaining such real information. This already happens with bank accounts. In no case will the obliged subjects (exchanges or custody services) have business relations or carry out operations with individuals or legal persons, that have not been properly identified “.
“”Along with the registration obligations, there is an obligation for exchange and custodial services to request this registration information in their dealings with legal entities, and there is an obligation for legal entities and legal entities without legal personality to obtain, retain and update the information for their own property. As well as to make it available to authorities and obliged persons if this is necessary “they added.
On the other hand, they stated from the Blockchain Observatory that they also meet the requirements of the directive with regard to the information to be declared in the Financial Ownership File, which has existed in Spain since 2016. The Real Ownership Registry will be administered by the Department of Justice.
“On the other hand, the obligation is stipulated to report movements that exceed the value of 10,000 euros. It should be noted that the standard first tries to define exchange and custody services for digital wallets or wallets that can also be used by auction platforms of NFTs, “they emphasized in this publication.
The Royal Decree-Law 7/2021 can be read in full here for more information.
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