‘Crypto’ service providers will be under anti-money laundering supervision

The Government includes them in the group of subjects who are registered and are closely supervised by the authorities.

The Minister of Finance, María Jesús Montero.

The Government increases surveillance of service providers with virtual currencies or cryptocurrencies. Through a Royal Decree-law, the Council of Ministers has incorporated them to the list of subjects that must be registered and supervised by the authorities within the framework of the fight against money laundering.

Among these providers that will be more closely monitored from now on are those that offer exchange of virtual currency for legal tender, or vice versa, and the service providers of custody of electronic wallets The wallets or key safeguarding.

In addition, in order to identify the real owners of legal entities, the Executive has created a single registry with existing information about them in the Mercantile Registry and in the databases of notaries and notaries. will oblige the inclusion of the trustand entities of a similar nature that operate in Spain. This registry will be interconnected with those of other countries of the European Union in order to facilitate public access to this information.

Not only will these subjects have to register, but they will also be obliged to request the registration information in their business relationships with legal entities. The latter, for their part, will have to update their beneficial ownership information and provide it to the authorities when required.

Finally, the standard extends to electronic money institutions and all payment institutions the obligation to declare updated information on the holders of all bank accounts and other assets in the Financial Ownership File, which has existed since 2016.

Bank resolution

On the other hand, the Royal Decree-law transpose the “banking package” of standards approved by the European Union in 2019, which involves a review of the solvency and crisis management standards of credit institutions and aims to increase the strength and resistance of the sector.

It involves the transposition of the fifth Capital Requirements Directive, which aims to ensure the solvency of financial institutions and establish incentives so that they do not assume excessive risks, and the resolution regulations, which seek to facilitate the internal absorption of losses (bail-in) to avoid the rescue of a bank with public funds (bail-out).

Frequency bands

The Council of Ministers has also approved a extension of the minimum terms of duration of the licenses of the frequency bands, which include individual rights to use the radioelectric spectrum with harmonized conditions, so that they can reach a maximum of 40 years, twice the current maximum period.

A specific aspect of the General Telecommunications Law 9/2014, of May 9, is modified to adapt it to what the European Code of Electronic Communications establishes, being a first step in the transposition of this Directive.

The Code recognizes the need to promote sustainable investment in the development of high-capacity electronic communications networks and incorporates the extension of the concession term as a way of guaranteeing the operators stability, predictability and an adequate return on the investments made.

This modification will allow the concessions for the exclusive use of the radioelectric public domain that will be granted in the next public tenders, including those foreseen for the development of 5G networks, to have a minimum duration of 20 years, which could reach up to 40, in place of the maximum total of 20 years established by current law.