Coinbase has secured an Anti-Money Laundering (AML) compliance registration from the Bank of Spain, making it a registered crypto exchange in the country.
In a Friday blog post, the largest cryptocurrency in the US revealed its expansion across Europe, saying that Spanish users can now confidently store their digital assets on the platform, as well as engage in buying and selling crypto assets using the euro.
The registration with the Bank of Spain allows Coinbase to offer its full suite of products and services to both retail and institutional users in Spain while ensuring compliance with the country’s legal framework.
Over the past year, Coinbase has obtained Virtual Asset Service Provider (VASP) registrations in several European countries, including Italy, Ireland, and the Netherlands.
It has also received in-principle approval and launched its services in Singapore, Brazil, and Canada.
“We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain,” Nana Murugesan, Vice President of International and Business Development at Coinbase, said.
“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry.”
Spain Becomes More Crypto-Friendly
As of late, Spain has become increasingly friendly toward the digital asset sector, with growing mainstream adoption in the country.
In the announcement, Coinbase claimed that approximately 29% of adults in Spain believe that crypto is the future of finance.
Furthermore, crypto has emerged as the second most preferred payment method in the country, surpassing traditional bank transfers.
“The research by Bitnovo showed that 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, and 35.7% to make payments,” the exchange wrote.
Coinbase’s registration in Spain closely follows the regulatory approval received by crypto exchange Crypto.com from the Bank of Spain in June.
These developments indicate the growing recognition of the cryptocurrency industry by regulatory authorities and the increasing adoption of digital assets in Spain.
In line with its expansion efforts, Coinbase has reportedly made attempts to acquire defunct crypto exchange FTX Europe on two occasions.
The exchange’s desire to establish a strong presence in Europe aligns with recent calls for stricter oversight by non-European regulators in the global crypto market.
The European Parliamentary Research Service (EPRS) has emphasized the need for a more rigorous regulatory framework in non-EU jurisdictions, as the Markets in Crypto-Assets Regulation (MiCA) Act moves toward its implementation deadline in December 2024.
However, not everyone in the crypto sector is happy regarding the EU’s MiCA regulation.
Marina Parthuisot, head of legal at Binance France, has raised concerns about the potential delisting of stablecoins in Europe due to the upcoming implementation of MiCA.
The comments come as the MiCA regulation, which is set to come into effect in the next few months, has left legal experts scrambling to decipher its implications.
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