In October 2021, the Register of virtual currency exchange and wallet custody service providers was opened.
All individuals and legal entities (subsidiaries, branches...) that offer or provide these services in Spain with or without a permanent establishment, and individuals whose base, management or direction of these activities is in Spain, must be registered in this registry of the Bank of Spain.
In order to access the registry, you have to follow procedures and have a body dedicated to these effects complying with the standards set out in the Aml law. Likewise comply with the requirements of commercial and professional honorability in the terms of Article 30 of Royal Decree 84/2015.
On September 15, 2022 the Register of registered entities has been updated. In our experience, the process to obtain certification can take from 5 to 8 months. For those who had more documentation generated, the path has been easier.
The regulator was right to incorporate this process before Mica. Also the fact that these crypto-asset companies and custodians are still betting on growing and regulating themselves, in a Bear Market scenario.
It should also be recalled that in order to provide services on financial instruments included in the TRLMV, it is required to be an investment services company, which includes, among others, portfolio management and investment advice.
All investment services companies must have obtained the required authorization and be registered in the corresponding registry of the CNMV -or of the Bank of Spain, for credit institutions-, in order to be able to provide these services on financial instruments(art. 144 TRLMV).
