Spain’s central bank has remained quiet on cryptocurrency regulations for years. However, this year, it’s stepping up and making its presence felt. The central bank rolled out a digital currency service providers’ registry earlier this year, and now it’s turning to the banks. Spanish banks now have to reveal any digital currency plans they have for the next three years, according to sources at the Banco de Espana.
The central bank wants to assess the impact of digitalization on financial services.
As per a report by Madrid-based newspaper El País, the Banco de Espana is now requesting new information from banks focusing on digital currencies. The central bank wants commercial banks to reveal their relationships with digital asset service providers, their stakes in such firms, and any other exposure they may have to digital assets. Those banks that are planning on issuing tokens or providing custody to existing tokens any time in the next three years must also reveal such plans.
Banco de Espana also asked banks to outline any new payment services they intend to provide using crypto.
The central bank of Spain also asked banks to outline any payment services they intend to provide related to cryptocurrencies or any initiatives related to the marketing of such products. Sources at the regulator told El País that the reason the bank is requesting this information is to kcnow “the evolution of the business model of the entities and the impact that the digitalization and financial innovation process underway may have on them.” The new measures come as leading banks in Spain start embracing digital currencies. The largest in Spain, Banco Santander, has revealed it’s working towards a digital currency ETF.