Spain considers Bitcoin an electronic payment system
The Spanish government has released new rules that define Bitcoin as an electronic payment system.
Determining the status of Bitcoin at the state level began on request from Spanish Bitcoin startup Coinffeine .
In April of this year, Abanlex, a law firm representing Coinffeine, turned to the Spanish Ministry of Finance and Public Administration, as well as Congress, to determine the status of Bitcoin from the point of view of the law.
The Directorate General for the Regulation of Gambling, part of the Ministry of Finance, and the Congress of Spain sent two separate responses to Abanlex, in which Bitcoin was considered as an electronic payment system, and noted that Spanish gambling establishments working with Bitcoin should receive both a gaming license and corresponding individual license.
')
Since Congress has defined Bitcoin as an electronic payment system, Bitcoin businesses are subject to the relevant rules, including applicable law prohibiting cash payments above € 2,500, Abanlex noted.
However, this definition of Bitcoin as an electronic payment system is considered within the framework of gambling laws. It is not yet clear whether it can be used in other legal areas.
Coinffeine co-founder and CTO, Ximo Guanter, says these new rules are a good sign to further regulate Bitcoin in Spain:
- Ximo Guanter
In May, the Spanish state tax administration agency (Agencia Estatal de Administración Tributaria or AEAT) took the first step towards Bitcoin regulation when it stated that it “watches” digital currencies to make sure that they are not used for criminal purposes.
According to the Spanish newspaper El Confidencial, the online gambling industry using Bitcoin has become very popular since digital currency was used to circumvent Spanish gambling laws. Therefore, new rules requiring gambling laws from gambling Bitcoin businesses should have a significant impact on this sector.
While Spain is gradually beginning to regulate the use of Bitcoin, digital currency is already penetrating the streets of Madrid, thanks to the project #callebitcoin (literally - “Bitcoin Street”). His goal is to turn Serrano Street shopping boulevard into “Spanish Bitcoin Boulevard”.
Determining the status of Bitcoin at the state level began on request from Spanish Bitcoin startup Coinffeine .
In April of this year, Abanlex, a law firm representing Coinffeine, turned to the Spanish Ministry of Finance and Public Administration, as well as Congress, to determine the status of Bitcoin from the point of view of the law.
The Directorate General for the Regulation of Gambling, part of the Ministry of Finance, and the Congress of Spain sent two separate responses to Abanlex, in which Bitcoin was considered as an electronic payment system, and noted that Spanish gambling establishments working with Bitcoin should receive both a gaming license and corresponding individual license.
')
Since Congress has defined Bitcoin as an electronic payment system, Bitcoin businesses are subject to the relevant rules, including applicable law prohibiting cash payments above € 2,500, Abanlex noted.
However, this definition of Bitcoin as an electronic payment system is considered within the framework of gambling laws. It is not yet clear whether it can be used in other legal areas.
Coinffeine co-founder and CTO, Ximo Guanter, says these new rules are a good sign to further regulate Bitcoin in Spain:
The “big news” here is that Spain is starting to view Bitcoin more as a currency than a valuable asset, which is exactly the opposite of US decisions.
- Ximo Guanter
In May, the Spanish state tax administration agency (Agencia Estatal de Administración Tributaria or AEAT) took the first step towards Bitcoin regulation when it stated that it “watches” digital currencies to make sure that they are not used for criminal purposes.
According to the Spanish newspaper El Confidencial, the online gambling industry using Bitcoin has become very popular since digital currency was used to circumvent Spanish gambling laws. Therefore, new rules requiring gambling laws from gambling Bitcoin businesses should have a significant impact on this sector.
While Spain is gradually beginning to regulate the use of Bitcoin, digital currency is already penetrating the streets of Madrid, thanks to the project #callebitcoin (literally - “Bitcoin Street”). His goal is to turn Serrano Street shopping boulevard into “Spanish Bitcoin Boulevard”.
Source: https://habr.com/ru/post/238055/
All Articles