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

The regulation of cryptocurrencies in Spain is still the subject of political debate amid the current surge in bitcoin prices. Now, the country’s Ministry of Economy is creating a new financial ombudsman for crypto-currency issues.

The Independent Financial Services Authority will comply with ruleof the MCA.

According to La Información, Minister Nadia Calviño wants to expand her oversight of the Financial Authority to include issues such as consumer protection in cryptocurrency services. To achieve this, the Minister will submit the first proposal for public consultation as soon as possible.

In general, Mr. Calviño also wants to resolve all disputes between banks and their customers through a financial ombudsman for customers, including all companies in the high-tech sector.

However, the ministry said it plans to implement the rules of the future regulation through the European Parliament and the Regulatory Council for Crypto Currency and Asset Markets (MiCA). However, such a solution is still being worked on in Brussels.

According to media reports, Calviño’s proposal aims to make future decisions of the independent financial ombudsman binding, but only up to a certain amount per dispute. Sources quoted by La Información indicate that the amount could be around 30,000 euros ($35,800).

Experts say EU rules may not be compatible with defibrillator industry

There are no details on who might lead an independent body to oversee cryptocurrency issues with consumers. If the proposal gets the green light in the public consultation, it will be the only independent body to settle disputes on all financial matters in Spain.

But EU compliance with IMSA’s development decisions is still controversial in the cryptosphere.

In fact, a study by the International Trusted Blockchain Applications Association (INATBA) shows that European crypto experts believe that the upcoming regulatory framework could be too complex for the industry.

Moreover, these solutions may be incompatible with decentralized (end) financial applications and protocols.

What do you think of the Spanish Ministry of the Economy’s proposal? Let us know your comments in the section below.

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