Spanish Banks Want Certainty on How to Legally Provide Crypto to Clients

The fear of missing out on cryptocurrencies has prompted many businesses to investigate the possibility of offering crypto assets to their clients.


Spanish Banks Want Certainty on How to Legally Provide Crypto to Clients
Spain and Crypto | Image: Optimisus

A few months ago, the Bank of Spain addressed its intention to offer the required instructions and paperwork for proposing an application for enrollment between September and the end of October.

Moreover, the Spanish government also reacted to the bill by adopting Royal Decree-Law 7/2021, which set the time limits for the record to comply with the law. So, the 6-month cycle began on April 29 and will end on October 29.


However, there is nothing from the Bank of Spain about this documentation as of now. According to reports, it will be tough for the regulation to be completed by the end of 2021. But still, authorities aim to get it approved by the beginning of 2022.

On the other hand, major financial businesses have put in place their compliance teams to work on whether or not they are required to be registered to provide digital currency services.

For instance, Spain’s BBVA bank, which recorded the highest total shareholder return rate at 19.7% in Western Europe, has established a commercial crypto business in Switzerland. This business provides digital asset custody and selling services.