Spanish Ministry of Economy Proposes to Create a Financial Customer Ombudsman for Crypto-Related Matters – Regulation Bitcoin News


Crypto regulation in Spain remains in political talks amid the current surge in Bitcoin prices. Now the country’s Ministry of Economic Affairs is about to set up a new ombudsman for financial clients for crypto-related matters.

Independent financial clients will adhere to the MiCA ruling

Per La Información, Minister Nadia Calviño is trying to extend her guardianship to the tax authorities to cover issues such as consumer protection for cryptocurrency services. To make this happen, the Minister will put the original proposal to a public consultation “as soon as possible”.

Overall, Calviño also wants to channel all conflicts between banks and their customers through the Financial Customer Ombudsman, including all companies in the fintech sector.

However, the ministry made it clear that it expects to comply with the provisions of the future “Regulation of the European Parliament and of the Council on markets for crypto assets and markets for crypto assets” (MiCA). However, such a judgment is still being developed in Brussels.

According to media reports, Calviño’s proposal provides that the ombudsman’s future decisions will be binding on independent financial clients, but up to a certain amount in the event of disputes. Sources cited by La Información claim that such an amount could be around 30,000 euros ($ 35,800).

According to experts, European regulation could be incompatible with the defibrillator industry

There are no substantial details on who could run the independent body overseeing crypto affairs with consumers. If the proposal is given the green light during the public deliberation, it will be the only independent resource to resolve disputes on all financial matters in Spain.

However, the fact that EU MiCA judgments, which are under development, will be adhered to, is still causing controversy in the crypto sphere.

A survey by the International Association for Trusted Blockchain Applications (INATBA) found that European crypto experts believe that an in-depth legal framework could be unduly challenging for the industry.

Furthermore, these decisions could show an “incompatibility” with applications and protocols for decentralized financing (defi).

What do you think of the proposal from the Spanish Ministry of Economic Affairs? Let us know in the comments below.

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