Cryptocurrency exchange Coinbase has obtained an anti-money laundering (AML) compliance registration from Spain's central bank, as part of its ongoing expansion across Europe.
According to a report dated September 22 statementRegistration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in Spain's legal tender, the euro.
"This registration will allow Coinbase to offer our full set of products and services to retail and institutional users in Spain, all in compliance with the national legal framework"
He highlighted that almost a third of individuals in Spain have a positive perspective on digital assets. "29% of adults in Spain believe that cryptocurrencies are the future of finance," she said.
Furthermore, he noted that cryptocurrencies have now become the second preferred payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, vice president of international and business development at Coinbase, stated that the exchange continues to pursue regulatory compliance around the world:
"In the last year alone we have obtained VASP registrations in Italy, Ireland and the Netherlands, as well as approval and launch in principle in Singapore, launch in Brazil and, most recently, launch in Canada."
I am excited to announce another major international milestone for Coinbase with today's VASP registration from the Bank of Spain.
Crypto regulatory clarity in the EU is helping to accelerate our expansion efforts in the region! https://t.co/W78LHKzcB5
- Nana Murugesan ๏ธ (@NanaMurugesan) September 22, 2023
This follows shortly after cryptocurrency exchange Crypto.com obtained regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a virtual asset service provider (VASP) registration by the Bank of Spain.
In October 2021, the Bank of Spain provided guidance on the steps crypto service providers can take to achieve anti-money laundering (AML) compliance within the country.
The instructions specified that crypto exchanges were required to submit reports detailing efforts to prevent illicit activities such as money laundering and terrorist financing.
Related: Coinbase owns 5% of all existing Bitcoin: data
Meanwhile, recent reports indicate that Coinbase is aiming to establish a strong presence in Europe.
On September 22, Cointelegraph reported that Coinbase attempted to buy FTX Europe, the now-defunct crypto exchange, twice. It first tried in November 2022, when FTX filed for bankruptcy, and then again in September 2023.
This comes amid the European Parliamentary Research Service (EPRS) recently emphasizing the Need for non-European regulators to exercise stricter supervision in the global crypto market.
As the Markets in Crypto Assets Regulation Act (MiCA) moves towards its December 2024 implementation deadline, an EPRS report calls for the establishment of a more rigorous regulatory framework in non-EU jurisdictions.
"There are still several channels through which the EU's financial system and autonomy are still at risk, as they remain dependent on the political actions of non-EU countries in the context in which MiCA is applicable" .
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