The central bank of Spain has introduced new registration guidelines for all the local virtual currency service providers, or VASPs, and the banking institutions.
The Bank of Spain has issued instructions on VASP registration for Anti-Money Laundering, or AML, purposes, requiring institutions to submit their registration requests through an electronic registry, according to the report by Cointelegraph on Monday.
Issuing the guidelines on Oct. 19, the Spanish central bank noted that the obligation to sign up in the registry applies to “all individuals and institutions providing virtual currency exchange services” like cryptocurrency trading and custody services.
The regulator stressed that VASPs will have to register “regardless of whether they are also registered in other administrative records in the Bank of Spain or other related authorities.”
According to the official statement, institutions are also required to proceed with the registration even if their end customers are not located in Spain. Individuals are also recommended to use the electronic registry form but may also proceed via other channels like mail, the central bank said.
