cryptoknowmics.com
|
|
Spain’s Ministry of the Economy has proposed to create a new Ombudsman service to protect customers of cryptocurrencies. Reportedly, Minister Nadia Calviño will extend support for the new Ombudsman Service and will submit the initial proposal to a public consultancy soon. Calviño wants to make a peaceful resolution between banks and cryptocurrency customers through the Financial Customer Ombudsman including all businesses in the fintech sector.
Spain’s Ministry Financial Customer Ombudsman Service
Minister Nadia Calviño has clarified the new Financial Customer Ombudsman service will abide by the upcoming rulings of the “Regulation Of The European Parliament And Of The Council On Markets In Cryptoassets and the Markets in Crypto-assets Regulation” (MiCA).
The final ruling, however, is still under development in Brussels.
Calviño’s proposal includes that the Independent Financial Customer Ombudsman’s future decisions will be binding, but up to a certain amount on a dispute, around 30,000 euro ($35,800).
Meanwhile, no clear information has been provided on who will be leading the Crypto Ombudsman Service.
Spain Gearing Towards Cryptocurrencies
In October, Spain’s government approved a bill that requires cryptocurrency owners to disclose their crypto holdings and any gains on their assets.
If approved, crypto activities must be reported to the authorities that include activities such as acquisition, transmission, exchange, transfer, collections, and payments.
In December, BBVA, the second-largest bank in Spain, with about $840 billion in assets announced on entering the cryptocurrency trading and custody space.
By the end of last year, a municipality in the province of Sevilla, Spain launched its own cryptocurrency, which aims to encourage residents and merchants to arrange transactions in the midst of the COVID-19 pandemic.
Reportedly, the City Council of Lebrija created “Elio,” a crypto asset pegged to euro price to send economic aids to stimulate local consumption, between 50 and 200 EUR ($61 to 244) to each one of the 593 selected beneficiaries.