Bit2Me becomes the first cryptocurrency platform to be recognized by the Bank of Spain

The Bank of Spain approved this Wednesday for the first time the registration of the cryptocurrency platform Bit2Me, a Spanish platform that provides cryptocurrency exchange services for fiat currency and is also a custodian of electronic wallets.

According to media such as El País, the registration process of cryptocurrency exchanges in the Bank of Spain was opened several months ago, and the exchanges had to demonstrate that they comply with the requirements of commercial and professional honorability established for credit institutions and with the regulations for the prevention of both money laundering and the financing of terrorism, in order to be registered.

In October 2021 the Bank of Spain had opened the registry for cryptocurrency providers. Previously, the central bank had already clarified that all those operating cryptocurrencies had to register, even if they are already registered in other administrative instances of the entity, as in the case of banks.

It is worth remembering that Bit2Me became very famous last year in Spain when it ran a poster campaign in Madrid, near important institutions such as the Bank of Spain itself.

Many requirements

To achieve registration, Bit2Me had to demonstrate having adequate means to prevent money laundering and terrorist financing.

“The platforms must have duly identified the client that operates with them and have a prevention manual, among other requirements that are already requested from financial institutions. Bit2Me assures that it has already been complying with them voluntarily, although it has had to send extra documentation to the regulator”, explains the local news media.

Bit2Me offers its services in more than 100 countries and recorded a transaction volume of more than 1.1 billion euros (USD $1.25 billion) in 2021.

According to the company’s CEO, Leif Ferreira, the recognition from the Bank of Spain is “a boost to our business relations. Being the first company in the world to achieve this recognition speaks volumes about the security with which our service is developed and the confidence in Bit2Me”.