Bank of Spain finally issues registry instructions for crypto-related entities

After five months, regulated Spanish banks receive instructions from the Bank of Spain on how to register to enable crypto services for clients. Entities will apply through an electric registry, after which the central bank will take up to three months to consider the application. Recall earlier this month, large institutions' compliance departments were trying top figure out whether they need to be registered to offer crypto services. "The obligation to register in this registry applies to all natural or legal persons who are in any of the above cases and provide virtual currency exchange services for fiduciary currency and custody of electronic purses, regardless of whether they are also registered in other administrative records in the Bank of Spain or in other competent authorities," Spain's central bank said in a statement. Earlier, U.S. regulators explore how banks could hold cryptos.