Bank of Spain Approves Its First VASP License

The Bank of Spain approved Bit2me as the first platform to be officially recognized in the country as a virtual asset service provider (VASP). Bit2me, a Spanish-based cryptocurrency platform, was granted the license to operate in the country. It has worked closely with the regulator to prove it meets the legal requirements.

The exchange proclaimed, and stated in a press release:

Bit2Me’s entry in the Spanish regulator’s registry is another step towards the widespread adoption of Bitcoin and other cryptocurrencies in Spanish society.

VASPs in Spain must complete a new registry as a result of a modification to the Prevention of Money Laundering and Financing of Terrorism Law, which was approved in April.

We will keep you posted on more exchanges

Although Bit2me was approved by the Bank Of Spain as the first cryptocurrency exchange, international exchanges will need to register in order to be able to serve Spanish customers. Analysts have declared that the requirements set forth by Spanish law are stringent. This registry will be a for and against point for service providers of crypto-related services in Spain.

This registry was established in October and will be used to coordinate the sanctions against money laundering and terrorist financing of cryptocurrency assets traded through these asset providers. Each exchange must provide a manual on money laundering and terrorist financing prevention, as well as a risk management document that details the information flux and the steps taken to ensure compliance with due diligence.

Companies will be subject to penalties if they act in the country in violation of the license. These penalties are also set out in law. Companies that try to evade this registry will be required to pay EUR150,000 ($170 498) or EUR10,000,000 ($11 366,900). These penalties may also include sanctions for companies that violate directives.

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