Europe, european union crypto, MiCA, Ombudsman, Spain, Spain Bitcoin, spain crypto regulation, spanish lawmakers bitcoin

Crypto regulation in Spain remains on the political talks amid the current bull-run seen in the bitcoin prices. Now, the country’s Ministry of the Economy is about to create a new Financial Customer Ombudsman for crypto-related matters.

Independent Financial Customer Body Will Abide by the MiCA Ruling

Per La Información, Minister Nadia Calviño seeks to extend its guardianship to the financial body to cover topics such as protecting consumers in cryptocurrency services. To make it a reality, the minister will submit the initial proposal to a public consultancy “as soon as possible.â€

Overall, Calviño also wants to canalize all conflicts between banks and their customers through the Financial Customer Ombudsman, including all businesses in the fintech sector.

However, the Ministry clarified they’re expecting to abide by the rulings of the future “Regulation Of The European Parliament And Of The Council On Markets In Cryptoassets and the Markets in Crypto-assets Regulation†(MiCA). Such ruling, however, is still in development in Brussels.

According to the media outlet, Calviño’s proposal wants that the Independent Financial Customer Ombudsman’s future decisions will be binding, but up to a certain amount on a dispute. Sources quoted by La Información claim that such an amount could be around 30,000 euro ($35,800).

European Regulation Could Be Incompatible With Defi Industry, Experts Say

There are no major details on who could be leading the independent body overseeing crypto-related matters with consumers. If the proposal is granted a green light during the public consultancy, it will be the only independent resource to solve conflicts for all financial matters in Spain.

But the fact of abiding by the in-development EU MiCA rulings is still sparking controversy among the crypto sphere.

In fact, a survey performed by the International Association for Trusted Blockchain Applications (INATBA) unveiled that European crypto experts believe incoming legal frameworks could be excessively challenging for the industry.

Moreover, these rulings could have an “incompatibility†with decentralized finance (defi) applications and protocols.

What do you think about the proposal presented by the Spanish Ministry of Economy? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

RELATED NEWS

Ukrainian Parliament Passes Bill That Criminalizes People Who Don’t Reveal Crypto Holdings

The Ukrainian parliament is enforcing its tough stance against people who don’t disclose their cryptocurrency holdings on the tax fillings. The measure comes in the wake of a recent publication that showed alleged mistakes in declarations from public servants. Offenders Could Spend up to Two Years in Jail According to an official document released by […]

Xem chi tiết: Ukrainian Parliament Passes Bill That Criminalizes People Who Don’t Reveal Crypto Holdings

Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

A group of Spaniards filed the first crypto-related class-action lawsuit before the National Court of Spain on an alleged million-dollar scam. The lawsuit targets an individual accused of allegedly scammed over 300 small crypto investors across Spain. Money Stolen Could Amount Up to $3.58 Billion Per El País, the class-action lawsuit claims that an individual […]

Xem chi tiết: Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Spanish authorities are enforcing their tough stance on the cryptocurrency industry, and the national tax agency seems to be taking it very seriously. Now, the Hacienda issued 14,800 warning letters to Spaniards under their watch for allegedly having failed or need to declare crypto holdings. Fines Could Be ‘Over $5,900’ if a Crypto Holder Fails […]

Xem chi tiết: Spanish Tax Authority Issues 14,800 Warning Letters to Cryptocurrency Holders

Swedish Central Bank Releases the First Study About Its CBDC E-Krona Pilot

The Swedish central bank keeps making steps towards modeling its e-krona pilot project by issuing a detailed report of the results of phase one for the path ahead. Riksbank is still optimistic about launching its central bank digital currency (CBDC), but there are hurdles to clear out on the road. Riksbank to Spend Another Year […]

Xem chi tiết: Swedish Central Bank Releases the First Study About Its CBDC E-Krona Pilot

Spanish Travel Compensation Firm Signs Deal With Domestic Exchange to Reimburse Travelers With Cryptos

Spanish travelers will soon be available to fill out claims for incidents related to airline delays, baggage losses, overbooking, among others, and be compensated with cryptocurrencies. The possibility is now a reality thanks to a partnership between a domestic crypto exchange and an airline platform. Platform Allocated Euros in an Account on the Crypto Exchange […]

Xem chi tiết: Spanish Travel Compensation Firm Signs Deal With Domestic Exchange to Reimburse Travelers With Cryptos

Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals

Irish police are on high alert due to the rising number of cases related to a bitcoin-related scam targeting high-net-worth people in the country. The situation has become worrisome because suspicious high-value transactions have already been noticed by authorities. Authorities Already Searched One Property Tied to One of the Suspects According to The Irish Times, […]

Xem chi tiết: Irish Police Investigate Massive Bitcoin Scam That Allegedly Stole Millions From High-Net-Worth Individuals

Spain Is ‘Close’ to Regulating Crypto-Related Ads in the Streets, Says CNMV President

Spanish financial authorities don’t seem to be happy with the massive crypto-related advertising campaigns deployed across Madrid’s streets. The National Securities Market Commission (CNMV) is rushing to approve a regulation on such ads that promote bitcoin in Spain. Proposal Comes in the Wake of a Bitcoin Advertising Campaign Ran by a Local Exchange During a […]

Xem chi tiết: Spain Is ‘Close’ to Regulating Crypto-Related Ads in the Streets, Says CNMV President

Life on the Run- An Insiders Look at John McAfee on the Run

I opened my Telegram and noticed I had way more messages than usual. I knew something was askew. The headers of the messages were all very similar, “John McAfee just called you an idiot on Twitter.†Here we go I muttered under my breath as I further investigated what all the hype was about. I […]

Xem chi tiết: Life on the Run- An Insiders Look at John McAfee on the Run

Spanish Island Government Decides to Sell Its Bitcoin Investment by Citing ‘Ethical’ Reasons

Italian Copyright Agency Selects Algorand to Create Over Four Million NFTs to Represent Author Rights

Domestic and Foreign Buyers Acquired a ‘Tokenized’ Apartment in a Spanish City by Paying With Ethereum

Belarus President Calls to Increase Regulation on Cryptocurrencies, Citing ‘China’s Experience’

Individual Detained in Romania Under Suspicion of Stealing Thousands of Cryptos From an Unnamed Major Exchange

German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a ‘High Market Demand’ in the Country

Spanish Real Estate Agency Begins Accepting Bitcoin Payments for Properties in the Canary Islands

German Bank Donner & Reuschel to Offer Crypto Custody Services in Response to a ‘High Market Demand’ in the Country

Other Articles