The EU is preparing to allocate the Bank of Spain to oversee all cryptocurrency assets in the country. The bank, along with the National Securities Market Commission, will oversee cryptocurrency activity in Spain, along with the European Central Bank.
The regulation should occur by the end of 2021, and at the very latest at the beginning of 2022. Additionally, businesses that are offering cryptocurrency services in the EU must have a foundation in the bloc.
NFTs, or non-fungible tokens, will not be covered by the regulation because they won’t be used as a medium of exchange. This shows that the EU needs to clear up a few things when defining cryptocurrency assets. Banks that want to work with cryptocurrency assets will get preference in obtaining that kind of authority, whereas investment service businesses will need to start from scratch.