Regulations on Bitcoin have been growing everywhere in the world, and this is certainly something that we will have to get used to. This time, the president of the Spanish National Securities Market Commission (CNMV), Sebastián Albella, asked for minimum regulations on cryptocurrencies.
Albella is worried because there are no clear rules about Bitcoin and cryptocurrencies in general. And the situation is not just at the local level, but also internationally. This is why, during a meeting at the International Menéndez Pelayo University, Albella asked for a regulation that would provide transparency to the crypto market.
It is also important to mention that the intention is to control the flow of money between people and companies. Every time that a Bitcoin transaction is performed, it is not clear how it must be registered.
This is creating some problems in companies and confusion in the market. This is what Albella wants to change.
Moreover, he said that it is not enough to have regulation only in Spain, but it is necessary to discuss about these issues around the world, or at least, at the European level. What the CNMV is asking is in line with the proposal made by Valdis Dombrovskis, Commissioner for Financial Stability, Financial Services and Capital Markets of the European Union.
It is important to mention that in Argentina, back in march 2018, there was a discussion about possible regulations on cryptocurrencies. G-20 countries decided to follow the FATF standards – which is also known as Financial Action Task Force on Money Laundering.
In July, the FATF will give detailed information about how countries are moving towards applying these standards.
According to Albella, it is important ‘to be alert and raise question about things that investors do not even have in mind.’ This is why he explains that it is necessary to view with an open mind new technologies, allowing the country to grow and contributing for the markets to efficiently progress.
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