Spain is starting an awakening in terms of Bitcoin and compliance by means of decisions that can be crucial for its future. In a recent ruling issued by the Provincial Court of Asturias (February 6 2015), the court has established the imperative value of antimony laundering regulations for transactions involving cryptocurrencies, highlighting its importance for those cases when bank institutions are participating in such matters. It raises the ever controversial issue of Bitcoin compliance, and how can anonymity and verification of identity may coexist in such businesses. Ultimately, we believe that AML and KYC policies will be imperative not only for Bitcoin’s mere subsistence in the global market but for its mainstream adoption as well. Analyzing the court ruling will help us to determine what the future of Bitcoin in Spain can look like.
As we have been commenting on Bitcoin’s lack of regulation in different jurisdictions, there are different actions and developments in the crypto currency world these days that might begin to spark some debate among those interested in the legal aspects. In particular, the idea of defining Bitcoin is fundamental to provide a clear legal viewpoint. Recent events may indicate that such definition may start to take shape and become a reality.
As we previously commented on our last blog post, spotting the fast growing pace of Bitcoin and its presence in Europe and how it is ultimately necessary to create a regulatory landscape for its use and trade, we must take a second look at what is currently available when trying to define the legal nature of Bitcoin. This leads us to ponder what will wait for Bitcoin users. From a legal viewpoint, while there is not a clear definition for crypto currencies at a EU regulatory level, the task is sort of daunting. So how can lawyers work with clients that are seeking legal compliance with the different services relating to Bitcoin?
The high rise of crypto currencies in the USA and Europe is a fact that must not be ignored. It is a freight train running and continuously growing in all senses and directions despite the lack of a more reliable regulatory landscape. BITCOIN as you know it is here to stay and governments and businesses alike shall begin a dialogue to define a broad legal framework, starting with its three major concerns: defining its nature, adjusting to anti-money laundering provisions and balancing consumers privacy and e-commerce,