Spain to be in charge of policing its internal cryptocurrency firms

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Looking forward to the digital euro
Looking forward to the digital euro Credit: Pixabay

AS the European Central Bank (ECB) expresses its wish to see a digital euro at some time in the future, the European Union is worried about uncontrolled cryptocurrency.

At the same time, as part of its programme to increase expertise in new technology, the Spanish Government has been contemplating in issuing some form of crypto exchange mechanism although the Chairman of the Bank of Spain has warned against investment in that form of online currency.

Now, according to Spanish financial news outlet Cinco Dias, the EU intends to charge the ECB, Bank of Spain and National Stock Market Commission (CNMV) to supervise crypto-related activities in Spain with effect from 2022.

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According to the report, the EU also stipulates that businesses offering crypto services in the EU must have a base in the bloc and banks looking to work with crypto assets would have preference in obtaining authorisation.

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