Coinbase, a leading cryptocurrency exchange, has achieved a significant milestone in its European expansion by securing Anti-Money Laundering (AML) compliance registration from the Bank of Spain.
This development, announced on September 22, paves the way for Spanish users to securely manage their crypto assets on the platform while conducting cryptocurrency transactions in euros.
With this registration, Coinbase can now offer its full range of services to both retail and institutional users in Spain while adhering to the country’s legal framework.
The move comes as a response to the growing interest in digital assets among Spanish citizens, with a noteworthy 29% of adults believing that cryptocurrencies represent the future of finance.
In an intriguing revelation, cryptocurrency has emerged as the second-most-preferred payment method in Spain, surpassing traditional bank transfers.
This underscores the increasing adoption and trust in cryptocurrencies as a means of conducting financial transactions.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, emphasized the exchange’s commitment to regulatory compliance worldwide.
Coinbase has been actively pursuing regulatory approvals and compliance measures in various countries, including Italy, Ireland, the Netherlands, Singapore, Brazil, and Canada.
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Coinbase’s achievement in Spain closely follows Crypto.com’s regulatory approval in the country, highlighting the continued growth of the cryptocurrency industry in the region.
The Bank of Spain had previously issued guidelines in October 2021 outlining the steps that crypto service providers should take to ensure AML compliance, reinforcing its commitment to combating illicit activities within the crypto space.
In line with its European expansion efforts, Coinbase made two attempts to acquire the defunct crypto exchange FTX Europe in November 2022 and September 2023.
This strategic move aligns with the European Parliamentary Research Service’s call for stricter oversight of the global crypto market by non-European regulators.
As the Markets in Crypto-Assets Regulation (MiCA) Act approaches its implementation deadline in December 2024, the EPRS emphasizes the need for a robust regulatory framework in non-EU jurisdictions to safeguard the EU’s financial system and autonomy.
Coinbase’s successful registration with the Bank of Spain marks another significant step in the cryptocurrency exchange’s global journey, solidifying its presence in Europe while complying with evolving regulatory standards in the crypto industry.
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