Spain’s central bank asks financial institutions to define crypto plans until 2024: report

The Bank of Spain is asking the country’s leading financial institutions to provide information on their crypto-related plans for the next three years, El Pais newspaper reported on Thursday.

The central bank has asked banks to include information about their relationships with crypto service providers, holdings in crypto companies, and exposure to crypto. He also asked banks if they plan to issue tokens or provide custody, trading or payment services for crypto, and describe any initiatives to market products or offer services to customers through a digital platform over the next three years.

According to anonymous sources from the Bank of Spain cited in the El Pais article, the purpose of the data request is to know “the impact that the ongoing process of digitalization and financial innovation can have. . “

The demand for information comes as Spain’s interest in cryptocurrency grows with multiple institutions launching or considering initiatives to meet demand.

Last week, the Bank of Spain issued instructions on how institutions can register to offer crypto-related services in the country.

Banco Santander, Spain’s largest bank, will offer crypto exchange-traded funds (ETFs), Santander Executive Chairman Ana Botin said Oct. 14 in an interview with Bloomberg TV. “We’ve been pretty slow to embrace this, due to compliance, regulation and risk appetite,” Botin said. “But we are going now.” When asked if Santander customers ask to buy bitcoin, the executive said yes.

“The next big thing, which is already here in fact, is crypto,” Botin said, adding that the bank had issued an end-to-end bond on a blockchain.

In August, the Partido Popular (PP), the main opposition party in Spain, introduced a bill that would allow the payment of mortgages with cryptocurrencies and create a National Crypto Assets Council to analyze the implications of the use of crypto and blockchain in the country.

In June, Spanish banking giant BBVA made its cryptocurrency trading and custody service available to private banking clients in Switzerland.

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