The register was created in accordance with the requirements of the second amendment to Law 10/2010 on the prevention of money laundering and terrorist financing. All individuals and legal entities that provide services for exchanging virtual currency and storing electronic wallets are subject to registration: both legal entities registered in Spain and individuals or legal entities of any other nationality operating in Spain.
All persons providing the relevant services are subject to registration, regardless of whether they were previously included in other registers of the Bank of Spain or other competent authorities.
When registering, it is enough to gain access to the register using any type of authentication supported by the Bank, fill out the appropriate form, attach the necessary documentation and click the "Submit" button.
In addition, individuals can go through the registration procedure by mail or in person at the office of the General Register of the Bank of Spain.
Fines for evading registration will range from 150,000 to 10 million euros.
The Spanish authorities announced their intention to introduce registration of cryptocurrency service providers back in June this year, but it took some time to agree on a number of controversial issues. It was discussed, in particular, whether commercial banks, which are already regulated organizations, will have to go through the registration procedure. According to the final decision, the registration procedure will also apply to financial institutions.
