Coinbase, a cryptocurrency exchange, has officially registered as both a cryptocurrency exchange and a custodian wallet provider with the Bank of Spain. Coinbase is seeking to build the crypto economy, with a more fair, accessible, efficient, and transparent financial system enabled by crypto. This registration enables Coinbase to provide a comprehensive range of products and services to both retail and institutional users in Spain, while adhering to the national legal framework.
In 2012, the company was founded with the radical concept that individuals worldwide should have the ability to conveniently and securely send and receive Bitcoin. In a recent blog post, a discussion on momentum for crypto is building around the world, and Coinbase is executing Phase II of their “Go Broad, Go Deep” strategy for international expansion. Today, the Crypto Exchange finally announced another key milestone in its journey: securing AML registration with the Bank of Spain as a cryptocurrency exchange and custodian wallet provider.
The Spanish government has introduced new regulations that give users in Spain access to Custody of crypto assets, Buying or selling crypto assets in legal tender, and trading of crypto assets against other crypto assets. Coinbase currently offers a trusted and easy-to-use platform for accessing the broader crypto economy.
Speaking on the announcement, Nana Murugesan, Vice President of International and Business Development at Coinbase, said;
“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 stepping up to the plate and providing clarity and guidance for the crypto industry. 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.”
During a discussion earlier this month, Coinbase emphasized their commitment to implementing clear rules, innovating more efficient and accessible products and services, and fostering user trust as a formula for long-term growth. A crucial component of the Phase II international expansion is to focus on obtaining 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.
Currently, Spain has 178 Blockchain Financial Services startups with a total demand for blockchain skills that has considerably exceeded projections. Cryptocurrencies have surpassed bank transfers to become the second most popular payment method in Spain. 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. Over 29% of adults in Spain believe crypto is the future of finance.
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 recognizing 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.