Coinbase Achieves AML Compliance Registration from Bank of Spain, Expands Crypto Services in the Country
Coinbase, the leading cryptocurrency platform in the United States, has secured Anti-Money Laundering (AML) compliance registration from the Bank of Spain, marking a significant milestone in its expansion across Europe. In a blog post published on a Friday, Coinbase announced its expansion into Spain, granting Spanish users the ability to securely store their digital assets on the platform and engage in cryptocurrency trading using the euro.
The registration with the Bank of Spain not only solidifies Coinbase’s presence in the country but also allows the platform to offer its complete range of products and services to both retail and institutional users while adhering to Spain’s regulatory framework. Over the past year, Coinbase has successfully obtained Virtual Asset Service Provider (VASP) registrations in various European nations, including Italy, Ireland, and the Netherlands.
Furthermore, Coinbase has received in-principle approval and launched its services in key international markets such as Singapore, Brazil, and Canada. Nana Murugesan, Vice President of International and Business Development at Coinbase, expressed excitement about the registration, stating, “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.”
Spain’s Growing Crypto-Friendly Environment
Spain has been increasingly welcoming to the digital asset sector, with a rising trend of mainstream adoption in the country. Coinbase’s announcement noted that approximately 29% of Spanish adults see cryptocurrencies as the future of finance. Additionally, cryptocurrencies have gained traction as the second most preferred payment method in Spain, surpassing traditional bank transfers. According to Coinbase, research by Bitnovo revealed that 60.7% of Spanish citizens are interested in cryptocurrencies for long-term investments, while 35.7% consider them for making payments.
Coinbase’s registration in Spain closely follows the regulatory approval granted to Crypto.com by the Bank of Spain in June. These developments underscore the growing acknowledgment of the cryptocurrency industry by regulatory authorities and the increasing adoption of digital assets in Spain.
Coinbase’s European Expansion and Regulatory Landscape
In its pursuit of a stronger European presence, Coinbase reportedly made two attempts to acquire the defunct crypto exchange FTX Europe. This strategic move aligns with recent calls for more stringent oversight by non-European regulators within the global crypto market. The European Parliamentary Research Service (EPRS) has emphasized the necessity of a comprehensive regulatory framework in non-EU jurisdictions, coinciding with the approaching implementation deadline of the Markets in Crypto-Assets Regulation (MiCA) Act in December 2024.
However, there are mixed sentiments within the crypto sector regarding the EU’s MiCA regulation. Marina Parthuisot, head of legal at Binance France, has expressed concerns about the potential delisting of stablecoins in Europe due to the impending implementation of MiCA. These concerns come as legal experts grapple with deciphering the implications of the upcoming MiCA regulation, set to take effect in the coming months.