Cryptocurrency markets

Bank of Spain - regulator for the supervision of cryptocurrencies

Bank of Spain - regulator for the supervision of cryptocurrencies
The draft regulation also requires companies offering crypto services in the EU to have a base in the block, according to Cinco Dias.
The European Union intends to appoint the Bank of Spain and the National Securities Market Commission, Spain's stock market regulator known as CNMV, to oversee cryptoassets in the country, Cinco Dias reported.
Bank of Spain - regulator for the supervision of cryptocurrencies

Bank of Spain - regulator for the supervision of cryptocurrencies

As the Spanish financial newspaper reported on Monday, citing a working paper, the draft revised version of the EU's proposed regulation of cryptoasset markets, known as "MiCA", identified two oversight bodies for crypto activity in Spain along with the European Central Bank.
The goal is for the proposed regulation to be ready by the end of 2021 or early 2022, according to Cinco Dias.
The document also states that companies offering crypto services in the EU must have a base in the block.
Non-fungible tokens (NFTs) will not be subject to regulation because, unlike cryptocurrencies, they are not used as a medium of exchange, indicating how the EU should clearly understand the definition of cryptoassets.

According to Cinco Dias, banks wishing to work with cryptoassets will prefer to get permission, while companies providing investment services will have to "start from scratch on the application."

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