Coinbase Wins the Bank of Spain’s Regulatory Approval: Details
- Coinbase has secured an Anti-Money Laundering (AML) compliance registration from the central bank of Spain.
- The registration will allow it to “offer its “full suite of products and services to retail and institutional users in Spain.
- This is part of Phase II of the company’s international expansion, which is focused “on acquiring licenses.”
- It recently secured VASP registrations in Italy, Ireland, and the Netherlands as well.
Coinbase, the largest crypto exchange in the United States, has announced that it has secured an Anti-Money Laundering (AML) compliance registration from the central bank of Spain, known as the Bank of Spain, which is responsible for the regulation of financial securities in the country. The company has expansion plans outside the United States, and Europe is a critical region.
As per a statement published earlier this week, Coinbase has been “registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.” The registration allows the Nasdaq-listed company to offer its “full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework.”
Nana Murugesan, Vice President of International and Business Development at Coinbase, stated that his crypto exchange has secured VASP registrations in Italy, Ireland, and the Netherlands, along with in-principle approval and launching in Singapore, Brazil, and Canada, while adding:
“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. Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry.”
Coinbase noted that its goal is to enact clear rules and make innovation more efficient, while also adding that it will work to make its products more accessible. The Phase II of the company’s international expansion is focused “on acquiring licenses and registrations, tailoring the local product experience for local needs, establishing local partnerships, and strengthening local operations.”
As per earlier reports, Coinbase sought to acquire the European arm of the bankrupt crypto trading platform FTX, FTX Europe. The firm attempted twice to acquire FTX Europe after the firm’s initial bankruptcy filing on November 22.
According to a previous story covered by BitcoinWisdom, Coinbase announced the debut of zero trading fees for all users of its Advanced Trade product in the United Kingdom in order to attract more users from the region. The company is now focused on markets outside the US.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
