Cryptocurrency exchange Coinbase has received anti-money laundering (AML) compliance registration from the Spanish Central Bank as part of its continued expansion across Europe.
According to a report on September 22nd statementregistration with the Bank of Spain will allow Spanish users to maintain custody of their crypto assets on Coinbase as well as buy and sell crypto assets in Spain’s legal currency, the euro.
“This registration will enable Coinbase to offer our full suite of products and services to retail and institutional users in Spain, in compliance with the national legal framework.”
It highlighted that almost a third of Spanish individuals have a positive outlook towards digital assets. “29% of Spanish adults believe that cryptocurrencies are the future of finance,” the report states.
It further pointed out that cryptocurrencies are now the second most preferred payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, vice president of international and business development at Coinbase, said the exchange continues to pursue regulatory compliance around the world:
“In the last year alone, we have received VASP registration in Italy, Ireland and the Netherlands, as well as in-principle approval and launch in Singapore, launch in Brazil and most recently in Canada.”
We are excited to announce another major international milestone for Coinbase with today’s VASP registration from the Bank of Spain
The clarity of cryptocurrency regulation in the EU is helping to accelerate expansion efforts in the region. https://t.co/W78LHKzcB5
— Nana Murugesan ️ (@NanaMurugesan) September 22, 2023
This comes on the heels of cryptocurrency exchange Crypto.com receiving regulatory approval in Spain. On June 23, Crypto.com announced that it has been granted Virtual Asset Service Provider (VASP) registration by the Bank of Spain.
In October 2021, the Bank of Spain provided guidance on the steps that cryptocurrency service providers can take to achieve anti-money laundering (AML) compliance in the country.
The instructions specify that virtual currency exchanges must submit a report detailing their efforts to prevent illegal activities such as money laundering and terrorist financing.
Related: Coinbase owns 5% of all Bitcoins in existence: Data
Meanwhile, recent reports suggest that Coinbase is aiming to establish a strong presence in Europe.
On September 22nd, Cointelegraph reported that Coinbase had twice attempted to acquire FTX Europe, a now-defunct cryptocurrency exchange. The first trial took place in November 2022, when FTX filed for bankruptcy, and then again in September 2023.
This comes as the European Parliamentary Research Service (EPRS) recently highlighted the need for non-European regulators to exercise stricter oversight of the global cryptocurrency market.
As the Markets in Cryptocurrency Regulation (MiCA) Act progresses towards its December 2024 implementation deadline, the EPRS report urges the establishment of a stricter regulatory framework in non-EU countries.
“In the context where MiCA applies, the EU remains dependent on the policy actions of non-EU countries, so there are several channels through which the EU’s financial system and autonomy remain at risk.”
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