Spain’s CNMV President Requests Crypto Regulations For Investors
Several regulatory agencies all over the world have been trying to regulate the virtual currency market. And indeed, important laws and decisions have been implemented to control the cryptocurrency market.
This time, the Spanish National Securities Market Commission (CNMV), Sebastián Albella, said that virtual currencies need to be regulated. He believes that there are no specific rules in the market about how to consider Bitcoin and other coins.
During a meeting at the International Menéndez Pelayo University, Mr. Albella expressed his concerns about the crypto market asking for regulations that would provide greater transparency.
Companies are confused about how to register crypto transactions and how to inform the government about them. And this is what the CNMV is asking to change.
Albella is asking for international regulations and not only in Spain. Valdis Dombrovskis, Commissioner for Financial Stability, Financial Services and Capital Markets of the European Union is proposing similar measures that are in line with CNMV’s idea.
In march 2018, Financial Ministers of the G-20 meet in Buenos Aires in order to discuss possible regulations on Bitcoin. According to the official document presented by these countries, nations will be working so as to adopt the FATF (Financial Action Task Force on Money Laundering) standards.
In July the FATF will be informing about the the improvements made by all the countries.
During the meeting, Albella commented that it is important to raise questions about things that investors do not even have in mind.’ Moreover, he said that it is important to have an open mind with new technologies.