The Spanish government doesnâ€™t stop imposing its tough stance on cryptocurrencies, as another rule comes to strengthen the existing ones. A royal decree recently enacted aligns current regulations with the European Unionâ€™s directives regarding anti-money laundering (AML).
Rule Aligns With the European AMLD5 Policies
According to the decree published in the state official newsletter, Spanish laws now follow the directive 2018/843, commonly known as AMLD5. Specifically, crypto exchanges and custodial firms must share customersâ€™ data with the whole European bloc.
That said, domestic crypto businesses should be registered with Spainâ€™s authorities as â€œnew obligated subjectsâ€ to comply with the rule. An excerpt of the decree reads:
Cryptocurrencyâ€™s Definition in the Royal Decree
Furthermore, crypto hedge funds are also required to follow the new procedure, which also asks all involved firms to report â€œsuspicious transactionsâ€ to the authorities.
Interestingly, another requirement of the rule enacted seeks to cross-collect data with other ones across Europe and then open it to â€œpublic access.â€
The decree also defines the cryptocurrencies that should abide by the law:
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