Spain Based Custodial Services to Report Ownership of Crypto Assets, Accordin...
A new law draft approved just today by the Finance Commission of the Spanish Congress would make Spain-based custody services report the ownership of the cryptocurrencies under management. The law, which was stuck in Congress for some time, aims to close a gap in the legislation that allowed some users to bypass the requirements and avoid paying taxes in the process. Spain Based Custody Services Would Have to Report Ownership of Assets Third-Party custodial services based in Spain would have to report the holdings of its customers, as well as all the operations made with them, according to....
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Per a report from local news media Ara, Spain will tighten its approach to crypto and digital assets. The European country repeatedly has one of the largest populations of crypto investors in the region and will seek to implement new regulations to, as per usual, “protect them”. Related Reading | Harmony Protocol Succumbs To DeFi Exploit, […]
The results of a new report commissioned by the CNMV, the securities watchdog in Spain, have found that three out of four citizens have heard about cryptocurrencies. However, the report, which included opinions from 1,500 participants, also found that this knowledge is still minimal, and that less than 10% have actually purchased cryptocurrency as a means of investment.
CNMV Reveals Results of Crypto Study
The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest cryptocurrency report. The study, commissioned by the....
State Street Corporation, the largest custodial service provider in the world, plans to launch custodial services for bitcoin and other cryptocurrencies.
The latest Mica (Europe’s Markets in Crypto-Assets Regulation) revision designates the CNMV and the Bank of Spain as the main cryptocurrency watchdogs in the country. The draft also stipulates that companies offering services in the EU will need to be based in a European country. The norm excludes NFTs, for now. Experts state the law might be in advanced stages by the end of this year. Bank of Spain and CNMV Designated as Default Crypto Watchdogs. Mica (Europe’s Markets in Crypto-Assets Regulation)’s latest draft had an update recently, bringing about many changes. For....
The Bank of Spain has issued a new report that touches on the subject of the popularity of cryptocurrency usage and the possible effects it might have on the financial stability of the nation. In the document, the bank explains that these assets — which ostensibly don’t have any kind of support behind them — can introduce systemic risks via their adoption by traditional institutions and the lack of regulation over them.
Crypto Assets Could Cause Systemic Risks According to the Bank of Spain
The Bank of Spain has issued a new report where it warns about the....