Cryptocurrency exchanges have now been added to the list of entities required to register with Spain’s data protection agency – but only under certain conditions.
This document, which has been issued to all Spanish asset managers, graphically illustrates the roles within a professional asset management team and the number of senior staff necessary. It offers advice on how to hire qualified staff from within Spain or abroad and summarizes the specialized training courses available.
The European CNMV, the Spanish CNMV and other supervisors is now allowing these institutions to begin operations, offering investors a wider range of products to choose from.
Crypto is here to stay, and the government acknowledges this. At first, crypto will be offered as a way for firms to hedge against foreign exchange rates. But soon enough, crypto will have a distinct role on its own unfettered from market intervention.
Fund managers are going to be obliged to warn their clients that cryptozoites make up a “high-risk investment” that “involve a highly speculative element.”
Regulated crypto derivatives and securities will also come with compliance procedures that protect investors in the event of a cryptoasset being hacked or stolen including crypto-powered exchange-traded commodities (ETCs) or exchange-traded notes (ETNs)–which could track an underlying index of tokens.
The Spanish financial markets regulatory body CNMV has released new guidelines to offer clarity regarding the cryptocurrency space, and these new guidelines have given way to new possibilities. Spanish investors are looking to include bitcoin in their portfolios as the cryptocurrency gains further legitimacy.