- Coinbase’s registration with the Bank of Spain marks an important step forward in its mission to provide secure and compliant cryptocurrency services to users around the world.
- The registration allows Coinbase to offer its full suite of products and services to retail and institutional users in Spain.
- Spain is the EU member state that recently adopted the Markets in Crypto Assets (MiCA) regulation.
Coinbase, a leading cryptocurrency exchange and custodial wallet provider, announced on September 22 that it has achieved a significant milestone in its global expansion strategy by securing anti-money laundering (AML) registration with the Bank of Spain.
This registration allows Coinbase to offer a full range of cryptocurrency services to both retail and institutional users in Spain while complying with that country’s regulatory framework.
Coinbase in Spain
Spanish users now have access to the comprehensive suite of services offered by Coinbase, including safe storage of cryptocurrency assets, seamless buying and selling of cryptocurrency assets for fiat, and trading between various cryptocurrencies.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, expressed enthusiasm for this achievement, emphasizing the importance of supporting and growing the user base in Spain.
Coinbase’s commitment to regulatory compliance is evident in its recent achievements, including VASP registrations in Italy, Ireland, and the Netherlands, and approvals and launches in Singapore, Brazil, and Canada. Collaborating with regulators around the world is a key element of Coinbase’s international growth strategy.
Coinbase’s Global Expansion Strategy
Coinbase’s Phase 2 international expansion strategy focuses on obtaining licenses and registrations, customizing the user experience to local needs, building strategic local partnerships, and strengthening operations in markets that prioritize regulatory clarity, such as Spain.
Interest in cryptocurrencies is growing in Spain, with 29% of adults believing that cryptocurrencies have the potential to be the future of finance. Cryptocurrencies have gained popularity as a payment method that surpasses traditional bank transfers. Bitnovo’s research shows that a significant portion of Spanish citizens view cryptocurrency as a long-term investment and payment method. Additionally, Spain boasts a thriving blockchain ecosystem with numerous startups and high demand for blockchain-related technologies.
The European Union’s adoption of the Markets for Cryptocurrency Assets (MiCA) regulation is a pivotal moment for the cryptocurrency industry in the region. MiCA demonstrates the EU’s recognition of the transformative potential of emerging technologies by providing much-needed regulatory clarity. In contrast, many other jurisdictions are struggling to meet the challenge of establishing a consistent regulatory framework for the rapidly evolving cryptocurrency industry.