San Francisco-based cryptocurrency exchange, Coinbase (Nasdaq: NASDAQ:COIN), has fortified its European presence by obtaining an Anti-Money Laundering (AML) compliance registration from the Bank of Spain on Monday. This development underlines Coinbase's ongoing commitment to expand within the regulatory frameworks of each jurisdiction and its dedication to international growth.
The AML license enables Coinbase to offer a full range of cryptocurrency services to both retail and institutional users in Spain, while adhering to the country's legal framework. The registration also allows Spanish users to keep custody of their cryptocurrency assets directly on Coinbase and buy or sell these assets in euros.
Nana Murugesan, Vice President of International and Business Development at Coinbase, expressed his enthusiasm about the registration stating, “We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients, and developer partners in Spain.”
This move is in line with Coinbase's global expansion strategy. Over the past year, the company has secured Virtual Asset Service Provider (VASP) registrations in Italy, Ireland, and the Netherlands. It has also received in-principle approval and initiated operations in Singapore, Brazil, and Canada.
Spain's pro-crypto stance is evident with 29% of adults considering crypto as the future of finance. Cryptocurrencies have even surpassed traditional bank transfers as the country’s second most popular payment method. A Bitnovo survey revealed that 60.7% of Spaniards view cryptocurrencies as a long-term investment, and 35.7% are interested in using them for payments.
The upcoming Markets in Crypto-Assets Regulation (MiCA) Act, expected to be implemented by December 2024, is likely to shape Europe's crypto regime. The act will offer much-needed clarity and demonstrate the EU’s commitment to harnessing emerging technology potential while setting an example for global regulatory efforts. It will allow EU-registered crypto exchanges to offer services across the European Economic Area (EEA), irrespective of their country of registration.
Coinbase's AML compliance registration with the Bank of Spain aligns with the broader trend of increasing cryptocurrency acceptance and interest, positioning it to cater to the evolving needs of users in Spain and further strengthen its presence in Europe.
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