NEW CRYPTO REGULATIONS IN SPAIN
More and more crypto regulations.
After Hong Kong, Japan and the Philippines, this time it's Spain's turn.
This year 2018 is the year of the cryptocurrency regulations. We are seeing news almost daily on this subject and this only makes favor this incipient market so that new private and institutional investors make their entrance.
The CNMV, which is the National Securities Market Commission of Spain, is in charge of supervising the financial markets in this country. Recently has updated the recommendations on the processes that must be followed to supervise the issuance of cryptocurrencies.
Sebastián Albella, President of the CNMV
SOURCE
The most important updates have been:
1.- The financing of new companies through Initial Coin Offerings (ICO) and the commercialization procedure of the cryptocurrencies will have to be validated and supervised by the authorized organisms for this purpose.
2.- There is currently no specific legislation to set up a exchange platform, but at least these platforms will be required to comply with the current rules of custody or registration, management of conflicts of interest between customers and transparency in terms of commissions.
3.- These platforms will be required to comply with the legislation on the prevention of money laundering pending the new European revision on this subject that will be approved in the year 2020.
It seems that there is an interest on the part of the Spanish administration so that companies that have an Initial Coin Offering (ICO) do not go to other countries because what is intended is to apply to this type of offers the same regulations that are applies to the Initial Public Offerings (IPO).
Finally and most important of these updates is the maintenance of advice and warnings about the risks involved in investing in cryptoactives and the promise of applying the new European legislation.
criptonoticias.com
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