Euroshore - Spotlight: Spain

Virtual & electronic currency providers - new registration requirement

A new registration requirement at Bank of Spain has been established regarding (i) providers of virtual currency exchange services of fiduciary currency and (ii) providers of custody services of electronic purses (both “Services Providers”):

• Services Providers whatever their nationality, that offer or provide services in Spain.

• Natural persons who provide the above services, when the base, address or management of these activities is located in Spain, regardless of the location of the recipients of the services.

• Legal entities established in Spain that provide these services, regardless of the location of the recipients of the services.

The deadline for Service Providers to register themselves before the Bank of Spain is 29 January 2022 (9 months from the entry into force of Royal Decree Act 7/20211 that implements the Fifth AML Directive and covers the new registration obligation).