Spanish Government to Add Crypto Clauses to Criminal Code

Spanish Government to Add Crypto Clauses to Criminal Code

In an effort to close loopholes and assist law enforcement in the fight against crime fueled by Bitcoin (BTC) and other altcoins, the Spanish government plans to include crypto-related clauses in the country’s Criminal Code.

Cronista said that the ruling coalition parties, Unidas Podemos and the Spanish Socialist Party (PSOE), had put forward a bill in parliament that would change the relevant law.

The parties assert that, in tandem with the expansion of the internet, “computer-powered” crime has “grown exponentially” in recent years. However, they explained, “intangible” forms of payment are only mentioned in existing laws pertaining to fraud and other crimes.

The government asserted that “immaterial means of payment” should be included in the Criminal Code as a result. In addition, it stated that these “means” might refer to “virtual currencies and other transferable cryptoassets.”

According to the government, tokens “can be used to make payments.”As a result, it believes that provisions must be made for courts and police officers attempting to prosecute crypto criminals.

However, it is likely that they will try to avoid including much more information about crypto in the amendments.

The amendments will refer to “other payment instruments besides cash” rather than naming crypto assets.

The government expressed the hope that this language would be “broad enough” to provide judges and law enforcement personnel with the “necessary flexibility” to “adapt to rapid technological advances.”

How likely is it that the Spanish government’s bid to win?

The amendments are likely to be approved without opposition in parliament, where they will be included in a package along with a number of other proposed changes to the Criminal Code. In accordance with EU law, the government also wants to increase the penalties for crimes related to insider trading.

As part of its efforts to combat drug smuggling, that nation’s police force announced earlier this year that it would spend $115,000.

Additionally, crypto awareness is rising in Spain. Recently, 76% of Spaniards claimed to be familiar with cryptocurrency, and a third claimed to be aware of how coins are regulated in their country.