AMLD5, data sharing, Europe, European Union, Spain, spain bitcoin regulation, Spain Crypto, spain crypto regulation

The Spanish government doesn’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 Union’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 customers’ data with the whole European bloc.

That said, domestic crypto businesses should be registered with Spain’s authorities as “new obligated subjects†to comply with the rule. An excerpt of the decree reads:

Cryptocurrency’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 “suspicious transactions†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 “public access.â€

The decree also defines the cryptocurrencies that should abide by the law:

What do you think about the new royal decree published by the Spanish government? Let us know in the comments section below.

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