Coinbase has secured registration from the Bank of Spain, a significant step in its expansion plans as a cryptocurrency exchange and custodian wallet provider.
Coinbase, a crypto exchange, has announced that it’s received approval from the Bank of Spain to operate as a cryptocurrency exchange and custodian wallet provider. This approval is part of their plan to expand their presence in Spain, serving retail customers, institutional clients, and developers.
It’s a step in their international expansion strategy called “Go Broad, Go Deep.” Additionally, this development coincides with ongoing discussions about Coinbase potentially acquiring FTX Europe.
Coinbase Granted Registration by Bank of Spain
In a blog post on September 23, Coinbase shared the news that they have received Anti-Money Laundering (AML) registration as a cryptocurrency exchange and custodian wallet provider from the Bank of Spain. This allows Coinbase to offer a wide range of products and services to both regular users and institutions in Spain.
Nana Murugesan, the Vice President of International and Business Development at Coinbase, expressed their excitement about this registration and their commitment to support and expand their user base in Spain, including retail customers, institutional clients, and developers. They also noted the importance of regulatory clarity and guidance in the global crypto industry.
Coinbase Expands Services in Spain After Bank of Spain Registration
Coinbase has expanded its offerings in Spain following its registration with the Bank of Spain. Users in Spain can now access services such as cryptocurrency custody, buying and selling cryptocurrencies using fiat currency, and trading different cryptocurrencies against each other.
Growing Interest in Crypto Payments in Spain: Crypto payments have gained popularity in Spain, with a Bitnovo study indicating that 60.7% of Spanish citizens are open to buying cryptocurrencies for long-term investments, and 35.7% are willing to use them for making payments.
Coinbase’s Expanding International Presence: Coinbase has been actively expanding its presence internationally. Last year, it obtained VASP registrations in Italy, Ireland, and the Netherlands. It has also received in-principle approval and expanded into countries like Singapore, Brazil, and most recently, Canada.
EU’s MiCA Regulation and Its Impact: The MiCA regulation in the European Union represents a significant moment for the crypto industry in the region. It provides regulatory clarity and is welcomed by the industry, demonstrating policymakers’ recognition of the potential of this emerging technology.
Coinbase is looking to acquire FTX Europe to grow its derivatives business in the area. This move would provide the exchange with expanded opportunities.
Crypto Shifts to Europe Amidst U.S. Crypto Regulations
Prominent crypto companies like Ripple, Galaxy Digital, and Coinbase are turning their attention to Europe due to the strict regulations and crackdown on crypto in the United States. Galaxy Digital, led by Mike Novogratz, has announced plans to expand further in Europe through new hires. Ripple’s CEO, Brad Garlinghouse, has also revealed plans to hire in the UK and other European nations.
Meanwhile, Coinbase is currently engaged in a legal battle with the U.S. Securities and Exchange Commission as it seeks regulatory clarity and improved crypto regulations in the United States.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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