- Coinbase’s AML registration in Spain enables secure storage and trading of crypto assets with the Euro.
- Growing interest in cryptocurrency in Spain, with 29% of adults considering it the future of finance.
- Coinbase’s commitment to global regulatory compliance and its expansion plans in Europe.
Coinbase, the cryptocurrency exchange, has successfully obtained Anti-Money Laundering (AML) compliance registration from the central bank of Spain, marking a significant milestone in its ongoing expansion throughout Europe.
In a statement released on September 22, Coinbase announced its registration with the Bank of Spain, granting Spanish users the ability to securely store their crypto assets on the platform, as well as buy and sell cryptocurrencies using the Euro as the legal tender.
“This registration empowers Coinbase to offer our comprehensive range of products and services to both retail and institutional users in Spain while adhering to the national legal framework,” the statement noted.
The announcement highlighted the growing interest in digital assets within Spain, with nearly one-third of adults expressing optimism about the future of cryptocurrency. According to Coinbase, “29% of adults in Spain believe crypto is the future of finance.”
Furthermore, the statement revealed that cryptocurrency has surged in popularity and is now the second most favored payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, emphasized the exchange’s commitment to regulatory compliance worldwide, stating, “In the past year alone, we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval for launches in Singapore, Brazil, and most recently, Canada.”
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 🛡️ (@NanaMurugesan) September 22, 2023
This achievement by Coinbase follows closely on the heels of Crypto.com, another cryptocurrency exchange, receiving regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a virtual asset service provider (VASP) registration from the Bank of Spain.
In October 2021, the Bank of Spain issued guidance outlining the steps that crypto service providers must take to achieve Anti-Money Laundering (AML) compliance in the country.
Meanwhile, recent reports suggest that Coinbase is actively working to establish a strong presence in Europe.
On September 22, it was reported that Coinbase had made two attempts to acquire FTX Europe, a now-defunct cryptocurrency exchange. The first attempt was in November 2022 when FTX filed for bankruptcy, followed by a second attempt in September 2023.
This development comes as the European Parliamentary Research Service (EPRS) emphasizes the need for stricter oversight by non-European regulators in the global crypto market.
As the implementation deadline for the Markets in Crypto-Assets Regulation (MiCA) Act approaches in December 2024, the EPRS report calls for the establishment of a more robust regulatory framework in non-EU jurisdictions.
The report underlines the importance of crypto exchanges submitting reports detailing their efforts to combat illicit activities such as money laundering and terrorism financing, in line with regulatory requirements.
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.