The Bank Of Spain Authorizes Bit2me As First VASP

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Spain’s central bank has authorized the first crypto platform that will be allowed to operate fully and provide accredited services in the state. Bit2me, which has been authorized to act as a virtual asset service provider (VASP), was the key factor that led to this acceptance. While Bit2me is the only platform that has been approved, others must complete the lengthy legal process to offer crypto services to Spanish users.

VASPs Are Being Licensed In Spain

The Central Bank of Spain has given its approval to Bit2me in the state to serve as a registered virtual asset service provider (VASP). Bit2me, a crypto company based in Spain that operates in over 100 countries, is the first to get this license. This will allow the exchange firm to operate in the nation after working with the government to demonstrate that it meets the legal requirements.

In a press statement, the exchange applauded the country’s decision, saying “the acceptance of Bit2Me in the Spanish regulator’s register is another step toward widespread adoption of BTC and other cryptocurrencies in the Spanish community.”

The new registry that virtual asset service providers (VASP) must fill out in Spain comes from an amendment of the Prevention of Money Theft and Financing of Terrorism Law that was approved last year April.

More Crypto Exchanges to Follow Soon

Although Bit2me is the first firm to be licensed by the Central Bank of Spain, any other global exchange that wants to offer trading services to Spanish consumers would have to register. Analysts have described the requirements of the law as tough, stating that without this registry, there will be no providers of crypto services in the state.

The register, which was launched in October last year, will help to implement sanctions to stop money laundering and financing of terrorism by using crypto assets exchanged through these exchange firms. This is why every firm must provide a protocol for preventing money theft and other fraudulent activities. Also, they must present a plan for risk management that explains the data flow and the steps that must be followed to ensure compliance.

The law also specifies the consequences that firms will face if they keep operating in the state without authorization. Companies that do not comply with the registry will be told to pay a fine of $170,498 (€150,000) to $11,366,900 (€10,000,000). Sanctions against the directives and operation of these firms could also be part of the punishment.

Spain has joined the league of countries to release regulations that will guide the activities of crypto firms while protecting the interest of investors.


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