Coinbase, the largest American crypto exchange, has obtained a license from the Bank of Spain to operate in the country. The license allows the company to offer its full suite of products and services to retail and institutional users in Spain, in compliance with the national legal framework.
The license is a result of Coinbase’s efforts to meet the anti-money laundering (AML) requirements of the Bank of Spain, which issued guidance to crypto firms in October 2021. The entity asked firms to submit detailed reports of their measures to prevent criminal activities such as money laundering and terrorism financing.
Coinbase Moves Forward with Their Expansion Strategy for Europe
The company sees Spain as a strategic market for its expansion in Europe, as the country has a high adoption rate of crypto. According to Coinbase, nearly one-third of the Spanish population has a positive attitude toward digital assets and believes that crypto is the future of finance.
Moreover, crypto has become the second most preferred payment method in Spain, surpassing traditional bank transfers. Coinbase’s vice president of international and business development, Nana Murugesan, said that the registration in Spain is part of the exchange’s global expansion plans.
He added that Coinbase will continue to seek regulatory compliance in every jurisdiction where it operates. He 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.”
As a member of the European Union, Spain is anticipated to implement the MiCA regulations by 2024 without any opposition. The country is emerging as a significant player in the cryptocurrency sector, with a population that views digital currencies as the future.
The approval of the company operations by the Bank of Spain coincides with ongoing discussions about Coinbase’s potential takeover of FTX Europe, a rising cryptocurrency exchange in the European market.