The large Spanish banks prepare their machinery to launch savings and investment products based on digital currencies and intended for investors with a greater appetite for risk. It will not be before overcoming the bitter aftertaste that the bankruptcy of several intermediaries, such as FTX, has generated, nor that there is a clear regulation of these products that, for now, are marketed mainly in Switzerland, as Eduardo López Alonso explains. This is so because the Swiss country has replicated a regulation of traditional banking to the crypto world. Everything indicates that it will be there where the traditional Spanish entities will launch their new batch products.
Spanish banks they have to be prudent in the sale of savings or investment products based on cryptocurrencies, which must be used, preferably to qualified investors to which maximum clarity has to be offered. In addition, the commercialization should wait for the approval of a harmonized regulation for all the member states of the European Union, both for issuers of crypto assets, such as exchange platforms and cryptocurrencies, which is in process and will not enter into force until next year.
Related news
Doing it before can be dangerous, according to the Bank of Spain and the National Securities Market Commission (CNMV). the two organisms argue that crypto assets are a high stake risk for retail investors due to its extreme volatility, complexity and lack of transparency. It is estimated that cryptocurrencies move in Spain around 60,000 million euros per year in Spain.
Despite the fact that not all crypto is the same, they will have to be listened to. Nobody wants to relive episodes like the participation preferredthose perpetual debt securities that banks and savings banks placed among retail investors almost as if they were deposits. They did so in exchange for high returns at the end of the 1990s. Later, with the financial crisis, the preferences volatilized, as if they were the scam of the stamp, and trapped thousands of small savers. May history not repeat itself.