Every year, the Banco de España (Bank of Spain) adds new companies to its list of crypto service providers. Since 2020, the number of companies that want to offer such services has skyrocketed.
On many occasions, it is the clients themselves who request these services from companies, demonstrating that cryptocurrencies are a disruptive element that is changing the traditional financial sector.
As you already know, Crypto API is the perfect solution for all companies that want to offer crypto services to do it easily, quickly, and securely.
Thanks to our turnkey solution, with a pre-built frontend using Bit2Me’s infrastructure, know-how, and technology, in which you only have to adapt the design to your brand, you can offer your customers a wide variety of services related to cryptocurrencies in a very short time and with minimal effort.
Why Choose Bit2Me Crypto API?
One of the main reasons for choosing our service is to take advantage of the technology and know-how of a leading company in the cryptocurrency sector in Spain since 2014.
Not only have we spent almost a decade perfecting our technology and creating a cutting-edge infrastructure, but we are the first company in the crypto sector to be recognized by the Bank of Spain as a cryptocurrency service provider.
Therefore, if you choose us, you can enjoy greater transparency while ensuring full compliance with current Spanish regulations.
Why Is Regulatory Compliance Important?
One of the main barriers to adopting cryptocurrencies is the lack of knowledge and the complexity of the current regulations. At best, these are confusing and unclear, but at worst, they require the involvement of specialized legal staff, which is not always possible.
To be recognized as a crypto service provider in Spain requires, among other things, filling out the Bank of Spain’s registration form for cryptocurrency service providers, which follows the second additional provision of Spanish Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing.
What Are Your Responsibilities to the End Customers You Reach Through Bit2Me Crypto API?
At this point, you must be thinking, “I’m lost!”. But don’t worry, because if you use Bit2Me Crypto API, you may not have to handle everything yourself. Instead, we’ll take care of it on your behalf, or help you with support and audits. However, sometimes all the responsibility will be yours.
Let’s look at it in a little more detail.
First, we will ask you to share information about your company. We are a regulated entity and are therefore required to request certain information and documentation about your company to comply with the law and ensure that you also comply with it.
Once we have this information, your responsibilities will depend on what type of company you are, as well as the services you plan to offer.
These are basically the responsibilities you will have to the end customer you reach through Bit2Me Crypto API:
|Compliant with Law 10/2010||Able to Custody Fiat||Able to Custody Crypto||Other Companies|
|KYC Management||Can be carried out by your company, and we will audit the process periodically||Not available|
|Fiat Custody||Not available||Available in your company||Not available||Not available|
|Fiat Liquidity||Can be managed by your company or delegated to Bit2Me|
|KYT Management||Not available||Not available||Managed by your company or Bit2Me||Not available|
|Crypto Custody||Not available||Not available||Managed by your company||Not available|
|Crypto Liquidity||Managed by Bit2Me|
Liability management in crypto products and services is critical, so you should never overlook it.
If you have any doubts about the responsibilities you have to the end customer you reach through Bit2Me Crypto API, you can contact us, and we will be happy to explain how it works and everything you need to know to implement our service in your company.