Coinbase Obtains Bank of Spain Registration

Coinbase (NASDAQ:COIN) has registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.

This registration will allow Coinbase to offer their full suite of products and services “to retail and institutional users in Spain, all in compliance with the national legal framework.”

As discussed in their blog post, momentum for crypto is “building around the world, and Coinbase is executing on Phase II of their ‘Go Broad, Go Deep; strategy for international expansion.”

Today, they’re able to “announce another key milestone in this journey: securing AML registration with the Bank of Spain as a cryptocurrency exchange and custodian wallet provider.”

Users in Spain will now have access to the following services:

  • Custody of crypto assets;
  • Buying or selling crypto assets in legal tender;
  • The trading of crypto assets against other crypto assets;

Nana Murugesan, Vice President of International and Business Development at Coinbase, said:

“In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum.”

As discussed earlier this month, Coinbase sees the enactment of clear rules; innovation of more efficient, “more accessible products and services; and user trust created through these products and services as our formula for long-term growth.”

A key part of this Phase II international expansion is “to focus on acquiring licenses and registrations, tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations in ‘Go Deep’ markets that are enacting clear rules, as Spain has done.”

As noted in the update, 29% of adults in Spain believe crypto is the future of finance.

Cryptocurrencies are now “the second most popular payment method in Spain, overtaking 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.”

There are 178 Blockchain “in Financial Services startups in Spain.”

In Spain, the total demand for blockchain skills “has considerably exceeded projections.”

The recent adoption of MiCA by European Union policymakers also “represents a pivotal moment for cryptocurrencies in the region.”

The regulatory clarity MiCA provides “to the industry is hugely welcome, and shows that the region is recognising the potential that emerging technology can provide.”

The EU is stepping up to the mark, “while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry.”

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