Cryptocurrency regulations across different countries remain a hot topic, plus Spain is the latest to join in. The nation’s watchdog has asked industry participants, investors, and consumers for their viewpoint, and they have until April sixteenth to respond.
Spain’s Regulator Looks for Crypto Laws
According to a report from La Informacion, The National Securities Market Commission (CNMV), Spain’s watchdog overseeing the securities marketplaces, has initiated the first ways of nationwide crypto rules.
The process provides started by sending emails to representatives of the cryptocurrency industry, investors, and clients. They have less than two weeks to get ready statements with their comments on the proposals and send all of them back to the agency.
The coverage outlined that the potential regulations could affect almost all areas of the cryptocurrency industry. However , the particular legislation could exempt several professional activities, assets which are exclusively used as way of payment, and non-fungible bridal party (NFTs).
Interestingly, the US also hinted on new rules regarding NFTs recently, but they seemed much more strict. The Internal Revenue Services (IRS) may implement fees on NFT purchases made out of profits of digital resources, as CryptoPotato reported lately.
Apart from the aforementioned potential regulations on crypto assets, Spain has also explored developing a central bank electronic currency. The country’s central bank stated in late 2020 that releasing a CBDC is among the priorities in the next three years.
Regulations in Other Countries
The rapid growth of the entire crypto space in the past year or so provides caught the attention of global regulators. Consequently, numerous countries have started looking into inserting legislative frameworks.
Spain’s northern neighbor, France, called for a new plus robust approach towards crypto regulations in February this season. The chairman of the nation’s financial regulatory body (AMF) believes that the current lawful structures are insufficient when it comes down to new asset lessons such as digital currencies.
Continuing north within the map and Britain’s Financial Minister, John Glen, urged the country to firstly focus on regulating stablecoins rather than the entire market, while the FCA has repeatedly issued warnings.
In some countries, for example South Korea, the applied regulations have caused troubles for some of the firms working within their borders. The Eastern Asian nation introduced new AML legislation last 30 days, and several cryptocurrency exchanges announced closing doors for their particular South Korean branches in answer.