Coinbase secures registration with the Bank of Spain

Coinbase secures registration with the Bank of Spain

By Charles Thuo - min read
  • Coinbase’s registration with the Bank of Spain marks a significant stride in its mission to provide secure and compliant crypto services to users worldwide.
  • The registration allows Coinbase to offer our full suite of products and services to retail and institutional users in Spain.
  • Spain is a member of the EU which recently adopted the Markets in Crypto Assets (MiCA) regulations.

Coinbase, a leading cryptocurrency exchange and custodian wallet provider, on September 22 announced that it had achieved a significant milestone in its global expansion strategy by securing Anti-Money Laundering (AML) registration with the Bank of Spain.

This registration enables Coinbase to offer its full range of cryptocurrency services to both retail and institutional users in Spain while complying with the country’s regulatory framework.

Coinbase in Spain

Users from Spain can now access a comprehensive suite of services provided by Coinbase, including the secure custody of crypto assets, seamless buying and selling of crypto assets in legal tender, and the trading of various cryptocurrencies against one another.

Nana Murugesan, the Vice President of International and Business Development at Coinbase, expressed enthusiasm about this achievement, highlighting its importance in supporting and growing their user base in Spain.

Coinbase’s commitment to regulatory compliance is evident in its recent accomplishments, including VASP registrations in Italy, Ireland, and the Netherlands, along with approvals and launches in Singapore, Brazil, and Canada. Collaborating with regulators worldwide is a pivotal element of Coinbase’s international growth strategy.

Coinbase’s global expansion strategy

Coinbase’s Phase II international expansion strategy focuses on obtaining licenses and registrations, customizing the user experience to meet local requirements, establishing strategic local partnerships, and strengthening operations in markets that prioritize regulatory clarity, as exemplified by Spain.

Spain has exhibited a growing interest in cryptocurrencies, with 29% of adults believing in their potential as the future of finance. Cryptocurrencies have gained popularity as a payment method, surpassing traditional bank transfers. A study by Bitnovo revealed that a significant portion of Spanish citizens view cryptocurrencies as long-term investments and a means of making payments. Furthermore, Spain boasts a thriving blockchain ecosystem, with numerous startups and a high demand for blockchain-related skills.

The adoption of the Markets in Crypto Assets (MiCA) regulations by the European Union is a pivotal moment for the cryptocurrency industry in the region. MiCA offers much-needed regulatory clarity, demonstrating the EU’s recognition of the transformative potential of emerging technologies. In contrast, many other jurisdictions are grappling with the challenge of establishing coherent regulatory frameworks for the rapidly evolving crypto industry.