Spain’s National Securities and Markets Commission (CNMV) will allow various banks to provide digital assets such as Bitcoin (BTC) in the coming weeks.
In a dialogue with Cryptootics, CNMV has now confirmed it We are handling several requests from banks interested in providing services in cryptocurrency.
From this medium, you will consult with the regulator to find out which banking institutions have requested approval, when it can be approved, and the reasons behind each decision.
In response, the CNMV, as in the case of BBVA, Once the process is finished, the approval will be published. He also noted that this will happen in the coming weeks.
“We are processing your request. When that processing ends in your case, as happened with the BBVA, we will publish it,” the regulator replied. “We hope that the next approval will occur in the coming weeks,” he added.
All banks that requested permission from CNMV to provide cryptocurrency to CNMV said they kept it private because spreading that information would be catering to businesses.
For now, BBVA is the only big bank in Spain, allowing all customers to operate with Bitcoin. ether (eth)a service that became effective at the beginning of July after receiving CNMV approval.
Meanwhile, other banks such as Caixabank, Kutxabank and Banco Santander are preparing to provide services in cryptocurrency through Openbankya’s subsidiaries, according to reports.
Traditional bank advances in cryptocurrency coincides with global interest in expanding Bitcoin asset prices This week it exceeded $122,000 (USD), marks a new historical record.
In parallel, the US Congress approved the Genius Act (Guidelines and Establishment of National Innovation for US Stubcoins), the first comprehensive regulatory framework for stubcoins that maintains the same price as the dollar (USD).
The regulations require that such cryptography be supported by liquid reserves at a 1:1 ratio, thereby the driver seeks to strengthen the global domain of the US dollar. The regulations are expected to promote the use of not only Bitcoin and cryptocurrencies, but these assets.
Currently, Spain operates a variety of cryptocurrency exchanges registered as CNMV as Crypto-active Service Providers (PSCs). Among them are Okcoin Europe Limited (Malta), Payward Europe Solutions Limited (Ireland), Robinhood Europe (Lithuania), Trade Republic (Germany), One Trade Exchange, Vivid Money BV (both from the Netherlands).
These companies are permitted to provide services such as custody, exchange, enforcement of orders and administering negotiation platforms, in line with European MICA regulations that came into effect late last year.
Thus, this context reflects global regulatory advances, including Spain, which will drive the growth of the cryptocurrency industry through oversight.