first release 2018, Being part of the “grey list” means that the CNMV considers them a “suspicious entity”. so that they cannot make it illegal nor support their services because they are beyond their control. For users, this means that even if they decide to continue working with this establishment, in case of fraud, bankruptcy or other reasons that lead to their disappearance, they will not have the support of the monetary authorities at the time, the invested assets to demand

Most of the companies that appear on the “grey list” correspond to cryptocurrency providers, many of which were founded as purely technological companies rather than financial services companies. Among them are some the size of Binance, the cryptocurrency exchange that moves the most money in the world, as we had in this other article, or Coinbase, a cryptocurrency platform that is exchange-listed.

The majority of Spanish investors trade cryptocurrencies through them. Because they are foreign companies, the Spanish monetary authorities cannot request information about the identity, amount, origin or destination of money from the people who operate in them, as is the case with regulated financial companies.

According to the new money laundering law, The CNMV interprets that the fact that this type of organization is beyond its control could present an opportunity for committing crimes of this type. For this reason, from the CNMV, they propose that the exchange be “at least” subject to anti-money laundering regulations, is currently in force in Spain and is waiting for the European Parliament to launch the regulation for a cryptoactive market or MiCA, which is still in draft and which they will hopefully pass during the course of 2022.

We are now faced with a double problem: the lack of guarantees for the crypto investor on the one hand and the security risk for the country’s economy as a whole.

Binance: the first step forward

In anticipation of the MiCA’s arrival, Spain is taking steps to tighten surveillance of the exchange. The first to agree to the new demands from monetary authorities in Spain was Binance, announced on February 1 on their blog have applied to be included in the Bank of Spain’s register of cryptoactive service providers.

Among the reasons justifying the decision, they argue that it is about verifying that “companies like Binance have procedures and prevention tools related to money laundering and terrorist financing”. Remember, too, that it is so a mandatory registration‘ for all crypto-active companies wishing to operate legally in Spain.

The third reason that justifies this step forward to officially settle in Spain is “Protect our users“. They themselves openly admit in the statement that “in the world of cryptocurrencies, when there are problems, many users find that they don’t even have a place to complain or who to direct their complaint to.”

The new concept “Crypto as a Service”

Although many of the crypto users are welcoming Binance’s initiative in Spain, fearing greater control over the treasury, in truth, the same platform offers the key to what is to come in its statement: “All crypto asset companies, both Both Spanish and foreigners wishing to legally operate in Spain must apply for registration sooner rather than later.

Faced with this scenario and to facilitate the transition to all those exchanges that want to work under Spanish and soon European regulation, a new concept has emerged, baptized as Crypto as a Service minted in our country after unification of e-money entity bad and Crypto Custody Startup Onyzeincluding the legendary entrepreneur Eneko Knorr.

Between both institutions, they offer exchanges a solution that allows them to operate under the umbrella of a fiat infrastructure (the current fiduciary money). The joint solution they propose will allow token operators to receive the necessary regulation to operate with greater guarantees. Since then, the platform has represented a paradigm shift in the financial sector allows the creation of services combining traditional currencies (fiat) with crypto assets.

In this way, the technology will allow companies that are on the CNMV “grey list” and companies interested in building a cryptocurrency platform in our country to do so in accordance with market recommendations.

But the biggest advantage after Julian Diaz-Santos, coCEO and co-founder of Unnax, it is for the users and investors of the crypto world that they provide a reliable and secure solution for the custody of their assets.

secure accounts

When Unnax and Onyze talk about “a paradigm shift” with their platform, they are referring to the launch of a tool that is changing the way the crypto market is currently done.

Considering that one of the biggest advantages and allures of crypto is that money can be moved around the world without intermediaries, let’s say a user discovers an interesting offer on the internet to sell a bitcoin for 40,000 euros and decides for the purchase. This money should of course leave the user’s checking account to be sent to the exchange in exchange for 1 Bitcoin.

Once the operation is performed, the user receives a key to access a virtual panel in which there is a record of this operation, which is observed by the blockchain (blockchain) and its miners. However, this does not prevent this platform from disappearing from the virtual map one day and leaving for some tax haven with the money collected. In this situation, the blockchain can do little or nothing to recover that money.

To avoid situations like the one described, the joint solution of Unnax and Onyze, as entities authorized and supervised by the CNMV, proposes an alliance of cryptocurrency platforms from all over the world interested in operating in Spain and in the long term , in Europe, to offer security guarantees to its users.

Through this alliance, investors would have their own virtual wallet protected by a regulated entity (Unnax) that would allow them to secure funds in euros, thus facilitating cryptocurrency acquisitions.

With this technological solution, they intend to kill three birds with one stone, offering convenience, security and legitimacy to exchanges that want to get out of the “grey list” and comply with existing and future regulatory obligations in the Spanish market; the users who operate with them and the monetary authorities.

Binance, CNMV, cryptocurrencies, exchange, investment