Radar archive — July 2025
Spain moves financial-account reporting to a monthly cycle and folds in non-residents
Order HAC/747/2025 replaces the annual Modelo 196 with a monthly information return through which financial institutions report accounts and related capital income, first applying to January 2026 data filed in February 2026. It simultaneously abolishes Modelo 291, the dedicated declaration of non-resident accounts, integrating that reporting into the new monthly Modelo 196, with effect from 1 January 2026.
Implications for capital — Spanish financial institutions now transmit resident and non-resident account income to the tax authority monthly rather than annually, raising the frequency and granularity of official visibility over capital held in Spain.
Source: Boletín Oficial del Estado (BOE)
Bahrain sets a licensing perimeter for stablecoin issuers
On 4 July 2025 the Central Bank of Bahrain issued its Stablecoin Issuance and Offering (SIO) Module under Volume 6 of the CBB Rulebook, creating a licensing regime for single-currency stablecoins backed by the Bahraini dinar, US dollar or other fiat currencies acceptable to the CBB. Issuance, redemption, minting, custody and reserve management become regulated activities, with reserve segregation, external audit, a permanent right of redemption and a prohibition on paying interest.
Implications for capital — Stablecoin activity conducted in or from Bahrain now falls within a defined prudential and licensing framework rather than an unregulated space.
Source: Central Bank of Bahrain