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- It allows Coinbase to provide its services to consumers and businesses in Spain.
- In Spain, crypto is the second most popular means of payment.
Coinbase has announced that it has been approved by the Bank of Spain as a crypto exchange and custodial wallet provider. As part of its “Go Broad, Go Deep” plan for international development, this will aid Coinbase increase its retail customers, institutional clients, and developer collaborators in Spain during Phase II.
Today, Coinbase published a post announcing its AML registration with the Bank of Spain as a crypto exchange and custodial wallet provider. It allows Coinbase to provide its whole array of services to consumers and businesses throughout the nation.
Coinbase’s VP of International and Business Development, Nana Murugesan, stated:
“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.”
Strategic Expansion
Users may now have access to cryptocurrency custody, swap cryptocurrencies for fiat cash, and purchase and sell a wide variety of cryptocurrencies. In Spain, crypto is the second most popular means of payment.
In 2022, Coinbase became a registered VASP in the European countries of Italy, Ireland, and the Netherlands. It has also spread to Singapore, Brazil, and most recently Canada, where it has gained preliminary permission.
For the European Union’s cryptocurrency market, the MiCA marks a watershed moment. The sector appreciates the regulatory certainty MiCA brings. Amid the ongoing scrutiny by U.S authorities, crypto firms are eyeing expanding to Europe.
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