Spain approves a law that closes cryptocurrency companies.. Find out the details
The plenary session of the Spanish Congress voted on amendments to the new stock market law, especially the articles on cryptocurrencies, which provide for penalties and closure of companies linked to cryptocurrencies such as bitcoin.
And the Spanish newspaper Crypto Notcias stated that the plenary session of the Spanish Congress approved the new law on stock markets and investment services. This regulation deals with the legal closure of companies related to Bitcoin (BTC) and cryptocurrencies in case they violate the regulations.
The amendments to the text, drafted by the Spanish Senate, were approved after a vote, and this is the last step before the parliamentary body before the law finally enters into force.
The regulation, in addition to touching on other issues inherent to the supply of securities, focuses on the bitcoin and cryptocurrency market, and as of its publication, it will be law that the National Commission on the Securities Market (CNMV) is the body responsible for overseeing the issuance, offering, and acceptance of certain crypto assets that are not They are considered financial instruments.
The new law also makes it possible for a company dedicated to the cryptocurrency sector to be penalized and shut down, in a worst-case scenario, and the above, since it would be legal for the authority to suspend the operating license of a crypto service provider if it is seriously violating the law.
The Spanish newspaper indicated that financial fines against those who violate the law amount to 700,000 euros for each penalty.
The newspaper indicated that the law was approved within the Congressional Economic Affairs Committee, and there was a warning of the possibility of closing companies and financial penalties in the event of violations.
Bitcoin fell to its lowest value in three weeks, as the market change caused by the failure of Silvergate Bank raised more concerns among investors, as Bitcoin recorded a loss of 2.05%, and the value of Bitcoin fell to a price point of $ 21,748 in the last 24 An hour, the value of BTC decreased by $407 and the position of BTC remains similar on both national and international exchanges.
Ether fell 1.85% to trade at $1,537, and according to Gadgets 360, ETH dropped $15.
