Cryptocurrency exchange Coinbase has secured anti-money laundering (AML) registration from the Spanish Central Bank as part of its continued expansion across Europe.
According to a September 22 statement, registration with the Bank of Spain now means Spanish users can keep their crypto assets on Coinbase and buy and sell crypto assets in Spain’s legal tender, the euro.
“This registration will allow Coinbase to offer our full range of products and services to retail and institutional users in Spain, all in accordance with the national legal framework.”
It was highlighted that almost a third of people in Spain have a positive attitude towards digital assets. “29% of adults in Spain believe crypto is the future of finance,” it says.
Additionally, it was noted that cryptocurrencies are now the second most popular payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, vice president of international and business development at Coinbase, explained that the exchange continues to strive for regulatory compliance worldwide:
“In the last year alone, we have received VASP registrations in Italy, Ireland and the Netherlands, as well as in-principle approval and launch in Singapore, launch in Brazil and most recently launch in Canada.”
We are pleased to announce another important international milestone for Coinbase with today’s VASP registration by the Bank of Spain
The clarity of crypto regulation in the EU helps accelerate our expansion efforts in the region! https://t.co/W78LHKzcB5
— Nana Murugesan ️ (@NanaMurugesan) September 22, 2023
This came shortly after crypto exchange Crypto.com received regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a Virtual Asset Service Provider (VASP) registration by the Bank of Spain.
In October 2021, the Bank of Spain provided guidance on the steps crypto service providers can take to achieve anti-money laundering (AML) compliance in the country.
The instructions stipulated that crypto exchanges must submit reports on efforts to prevent illegal activities such as money laundering and terrorist financing.
Related: Coinbase Holds 5% of All Bitcoins in Existence: Data
Meanwhile, recent reports suggest that Coinbase is eyeing a strong presence in Europe.
On September 22, Cointelegraph reported that Coinbase attempted to buy FTX Europe, the now-defunct crypto exchange, twice. The first attempt came in November 2022 when FTX filed for bankruptcy, and then again in September 2023.
This comes at a time when the European Parliament Research Service (EPRS) has recently highlighted the need for stricter oversight of non-European regulators in the global crypto market.
As the December 2024 implementation deadline of the Markets in Crypto-Assets Regulation (MiCA) law approaches, an EPRS report urges the creation of a stricter regulatory framework in non-EU jurisdictions.
“There are still several channels through which the EU’s financial system and autonomy are still at risk, as they remain dependent on the policies of non-EU countries in the context in which MiCA applies.”
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