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Spain Opens Public Comments On Newly Proposed Crypto Regulations


cryptoknowmics.com 08 April 2021 03:19, UTC
Reading time: ~2 m

The CNMV of Spain has opened up the public comment period on newly proposed crypto regulations. The regulatory agency has asked crypto investors, consumers, and industry members to provide their feedback until April 16th.

Public Comments Opened on Proposed Crypto Regulations in Spain

Spain’s national securities regulator has taken the first step towards implementing cryptocurrency regulations into the country.

The country’s securities market watchdog, National Securities Market Commission (CNMV) sent out emails among the representatives/members of the crypto industry, investors, and customers.

They are given a two-week time period to prepare statements with their comments on the proposed cryptocurrency regulations.

The potential cryptocurrency regulation could affect the crypto industry in the country. However, it could leave out assets that are used mainly as means of payments including non-fungible tokens (NFTs), as reported by La Informacion.

In a similar stance, the U.S. IRS also took upon implementing newer regulation on non-fungible tokens, (NFT). The IRS’s proposed regulation looks towards implementing taxes on NFT purchases made with profits of digital assets.

Cryptocurrency Regulation Scene Starts

Spain had no legislation specific to virtual currencies, except for a preliminary draft law launched in February 2020,  the implementation of the Fifth Anti-Money Laundering Directive, and a piece of draft legislation, approved by the government in February 2020 that was indirectly related to virtual currencies.

In October, the country’s government approved a bill that requires cryptocurrency owners to disclose their cryptocurrency holdings and profits made from them.

The same month, all 350 members of Spain’s Congress of Deputies were sent Bitcoin worth a euro each as part of an educational campaign. The initiative was launched with the aim of raising awareness of cryptocurrencies’ potential to change society for the greater good.

Spain has also joined among the likes of other countries into developing its own central bank digital currency. By the end of last year, the country’s central bank said that releasing a CBDC is among the priorities in the next three years.

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