Coinbase, a leading cryptocurrency exchange, has recently received Anti-Money Laundering (AML) compliance registration from the Bank of Spain. This move is a significant step in Coinbase’s European expansion strategy and opens up new opportunities for both retail and institutional investors in Spain.
A New Chapter in European Expansion
The AML registration from the Bank of Spain allows Coinbase to offer a full range of products and services to Spanish customers. This includes the ability for users to buy, sell, and hold crypto assets in euros. The registration aligns with Spain’s national legal framework, ensuring that Coinbase operates in compliance with local laws.
Positive Outlook on Cryptocurrency in Spain
Interestingly, the cryptocurrency landscape in Spain appears to be quite favorable. According to recent data, nearly one-third of adults in Spain believe that cryptocurrencies are the future of finance. This positive outlook is further supported by the fact that cryptocurrency has surpassed traditional bank transfers to become the second most preferred payment method in the country.
Global Regulatory Compliance
Coinbase is not just focusing on Spain; the exchange is actively seeking regulatory compliance globally. In the past year, Coinbase has secured Virtual Asset Service Provider (VASP) registrations in Italy, Ireland, and the Netherlands. The company has also received in-principle approvals in Singapore and has launched operations in Brazil and Canada.
Previous Regulatory Approvals in Spain
It’s worth noting that Coinbase is not the first crypto exchange to receive regulatory approval in Spain. Earlier this year, Crypto.com also secured a VASP registration from the Bank of Spain, indicating a growing trend of regulatory clarity in the European Union.
Future Regulatory Landscape
As the Markets in Crypto-Assets Regulation (MiCA) Act moves closer to its December 2024 implementation deadline, there is an increasing emphasis on establishing a more rigorous regulatory framework, not just in the EU but also globally. This is particularly important as the EU’s financial system remains somewhat dependent on policy actions from non-EU countries.
The AML registration from the Bank of Spain is a significant milestone for Coinbase and marks another step in its global expansion efforts. With a favorable view of cryptocurrencies among Spanish adults and a growing trend of regulatory approvals, Spain is becoming an increasingly important market for crypto exchanges. Here at allincrypto.com we will keep you up to date at the latest on regulations in relation to ‘crypto’