Coinbase Receives AML Registration from the Bank of Spain
This registration allows the cryptocurrency exchange Coinbase to offer services to retail and institutional investors in Spain.
This registration allows Coinbase to offer our full range of products and services in Spain to institutional and private users, in accordance with the Spanish legal framework.
The report highlighted that almost a third of Spaniards have a positive attitude towards digital assets. It is said that 29% of Spanish adults believe that crypto is the financial future.
It was also noted that cryptocurrencies have become the second most popular payment method in Spain, now surpassing traditional bank transfers.
Nana Murugesan is Coinbase’s vice president of international and business development. She explained that the exchange seeks regulatory compliance worldwide.
“Last year alone we received registrations in Italy and Ireland as well as in the Netherlands. We have also received in-principle approval and launched 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
Crypto.com announced on June 23 that the Bank of Spain had granted it a Virtual Asset Services Provider (VASP).
The Bank of Spain will provide guidance on how crypto service providers can achieve Anti-Money Laundering (AML) compliance in October 2021.
According to the instructions, crypto exchanges were required to submit reports on their efforts to prevent illegal activities such as money laundering and terrorist financing.
Recent reports suggest that Coinbase is looking to establish a strong European presence.
It was reported on September 22 that Coinbase had attempted to buy FTX Europe, the now-defunct crypto exchange, twice. The first attempt came in November 2022 when FTX filed for bankruptcy. It then tried again in September 2023.
The European Parliament Research Service (EPRS) recently highlighted the need for non-European regulators to exercise greater oversight of the global crypto market. EPRS is pushing for a stricter regulatory framework in non-EU countries as the Markets in Crypto-Assets Regulation Act (MiCA), due to be implemented in December 2024, approaches its deadline.
The EU’s autonomy and financial system are still at risk in several ways, as they are dependent on the policies of non-EU countries under MiCA.
