Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries – Regulation Bitcoin News


Spain to Share Data of Users From Domestic Crypto Businesses With European Union Countries

The Spanish government doesn’t stop imposing its tough stance on cryptocurrencies, as another rule comes to strengthen the existing ones. A royal decree recently enacted aligns current regulations with the European Union’s directives regarding anti-money laundering (AML).

Rule Aligns With the European AMLD5 Policies

According to the decree published in the state official newsletter, Spanish laws now follow the directive 2018/843, commonly known as AMLD5. Specifically, crypto exchanges and custodial firms must share customers’ data with the whole European bloc.

That said, domestic crypto businesses should be registered with Spain’s authorities as “new obligated subjects” to comply with the rule. An excerpt of the decree reads:

The creation of this registry is accompanied by the establishment of an obligation for legal persons and entities without legal personality to obtain, keep and update this beneficially owned information and provide it to authorities and obligated subjects. In this context, both the data and information must be kept in this registry and the specific people responsible for its maintenance and updating are clarified.

Cryptocurrency’s Definition in the Royal Decree

Furthermore, crypto hedge funds are also required to follow the new procedure, which also asks all involved firms to report “suspicious transactions” to the authorities.

Interestingly, another requirement of the rule enacted seeks to cross-collect data with other ones across Europe and then open it to “public access.”

The decree also defines the cryptocurrencies that should abide by the law:

The virtual currency will be understood as digital representation of value not issued or guaranteed by a central bank or public authority, not necessarily associated with a legally established currency and that does not have the legal status of currency or money, but that is accepted as a means of exchange, and it can be transferred, stored or traded electronically.

Tags in this story
AMLD5, data sharing, Europe, European Union, Spain, spain bitcoin regulation, Spain Crypto, spain crypto regulation

What do you think about the new royal decree published by the Spanish government? Let us know in the comments section below.

Felipe Erazo

Born in Colombia, Felipe earned a degree in journalism at the University of Chile with the highest honor in the overall ranking and holds a Bachelor of Arts in Social Communication. He is a writer with more than nine years of experience, first in the Forex field and later in the crypto industry as an analyst/news junkie. Among his interest topics include human rights, decentralization, financial markets, geopolitics, sports, and new technologies. An inveterate traveler, and always attracted to a good plate of food.

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