The Spanish Treasury wishes to take more control over cryptocurrencies and this week has sent requests to more than 60 banks to obtain data from them in regards to bank accounts and transfers linked to cryptos.
The investigation was started by the National Office of Fraud Investigation (ONIF) and now the Treasury wishes to use this data to utilise more information regarding cryptos in order to control them.
The Treasury is also hoping to implement new requirements that will have an affect on cryptocurrency payments. It will affect 16 financial businesses with offices in Spain, who will also pass on thier information. This information will then be analysed by the ONIF in relation to bank accounts opened abroad.
Ideally this will highlight the origin and destination of transfers that are linked to bank accounts that are related to cryptocurrency groups.
Cryptocurrency payment gateways and crypto-ATMs that help exchange euros for cryptos are subject to the Treasury’s new rules as well. They will be handing over information about their activity, their relationship with cryptocurrencies and the identification of buyers and sellers. As well as the amount of transactions in euros to crypto they are in charge of.
As well as the banks, 40 companies that offer clients the option to make online payments with cryptocurrencies will be passing on information to the Treasury. The companies hold information on the amount of their bill they charge in cryptocurrency.
The companies will be passing over information relating to invoices and tickets for products paid with cryptocurrencies, identification of customers, accounting criteria and the applied exchange rate, treatment of received cryptocurrency and identification of other operations of the company with this type of currency.
The Treasury is doing more research around this area as it lacks confidence in dealing with this new type of currency amid fears of links between bitcoin and the dark web and organised crime.
The crackdown comes after the Reserve Bank of India (RBI) banned any financial organisation which it regulates from having any dealings with crypto.
The RBI’s statement said: “In view of the associated risks, it has been decided that, with immediate effect, entities regulated by RBI shall not deal with or provide services to any individual or business entities dealing with or settling virtual currencies.”
(Additional reporting by Maria Ortega.)