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The Spanish regulator is going to block digital asset transactions and bank customer accounts in case fraud is suspected.
The Bank of Spain (BE) has published an announcement that commercial banks have the right to detect transactions related to cryptocurrencies and take measures to protect customers. Spanish and European regulatory authorities do not consider digital assets suitable as a payment or investment vehicle, the announcement said. According to bank representatives, accounts suspected of suspicious behavior may be blocked.
“It may happen that the bank has suspicions of identity theft. Scams are not uncommon, when attackers fraudulently gain access to customer accounts and transfer money to their accounts. This can lead to a signal from the protection systems and account blocking, ”the official statement says.
Among the reasons why an account or a crypto-transaction can be blocked, BE named money laundering. Banking protection provides for a personal call to a client suspected of fraudulent activity and a request to come to the branch.
According to Spanish law, banks are required to comply with a number of strict laws that are aimed at combating crime. Including banks are required to keep in touch with the affected client, reporting the reason for blocking transactions.
Recall that earlier the Ministry of Finance of Spain postponed the development of rules for declaring income received from operations with cryptocurrencies until the end of the year. The reason was the lack of information about the specifics of the industry.
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