Coinbase Becomes Registered Cryptocurrency Exchange In Spain

Sep. 26, 2023
Coinbase Becomes Registered Cryptocurrency Exchange In Spain

Coinbase has secured Anti-Money Laundering (AML) compliance registration from the Bank of Spain as an official crypto exchange and custodian wallet provider. The registration enables Spanish users to confidently store their digital assets on Coinbase, as well as engage in selling and buying crypto assets using the euro. Vice President of International and Business Development at Coinbase, Nana Murugesan, revealed the exchange’s latest accomplishment in a Sept. 22 blog post.

The company can now offer various products and services to institutional and individual clients in Spain while adhering to the country’s legal regulations.

Murugesan stated:

“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. Most of the world is providing clarity for the crypto industry.”

Besides this, Coinbase has successfully secured Virtual Asset Service Provider (VASP) registrations in various European nations in the past year, including the Netherlands, Ireland, and Italy. Moreover, it received in-principle approval and introduced its services in Canada, Brazil, and Singapore.

Spain Welcomes Crypto Industry

Recently, Spain has shown a growing affinity for the digital asset industry. In the announcement, Coinbase highlighted that about 29% of adults in Spain believe cryptocurrency is the future of finance. Moreover, cryptocurrency has become the country’s second-favorite payment method, surpassing traditional bank transfers.

Bitnovo’s research revealed that 60.7% of Spanish citizens want to acquire cryptocurrencies for long-term investment. While 35.7% are interested in using them for making payments, as stated by the exchange. In June, also received regulatory approval from the Bank of Spain. Coinbase has twice attempted to acquire defunct crypto exchange FTX Europe as part of its expansion strategy.

In June, the SEC accused Coinbase of operating without proper registration as a securities exchange, broker, and clearing agency. The exchange’s CEO, Brian Armstrong, criticized the SEC, calling their regulatory approach to digital assets unreasonable and unfair.

The exchange emphasized the significance of the EU’s recent adoption of the Markets in Crypto Assets (MiCA) Bill. Coinbase sees the bill’s regulatory clarity as a significant milestone for cryptocurrencies in the region and appreciates the region’s acknowledgment of the potential offered by digital assets.

Syed Ali Haider

Researcher & Editor
Ali Haider is a Blockchain enthusiast and writer passionate about enhancing the acceptance, adoption, and integration of Blockchain technology worldwide. He has also advocated for digital freedom and cybersecurity for many years.