Canada    FinTech Guide    Chapter 12    Spain


12. Online-Pawning
AAA  Spain

The social and political climate towards online-pawning services is low, because it is not a high-level economic market and it is especially susceptible to cross the line to an illegal market.



Legal Affairs


Following the principle of technological neutrality, the same regulatory principles should apply regardless of the technology used. We consider that Spain has an old-fashioned regulation related to pawnshops, both traditional as well as online pawnshops.

Excluding some special pawnbroker institutions, such as the “Montes de Piedad”, the main legal text is the Royal Decree of Loan Houses and Similar Establishments of 12 June 1909.

The most important requirements included in it are the following: i) an administrative authorisation; ii) a security lodged deposited in cash in a public agency (Pts); iii) 12% annual interest as limit; iv) forbidden another kind of operations; v) operations log.

In addition, special provisions have been developed in order to audit and inspect the operations with objects composed by precious metals to avoid the crimes of receiving of stolen goods, tax avoidance and evasion.



Economic Conditions


The online pawning market is a relatively small market.



Contributing Authors

Ventura Garcés & López-Ibor

Claudi Garcés
Barcelona, Spain


Alfonso López-Ibor
Madrid, Spain

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018