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The development aligns with Coinbase’s goals of expanding its business across Europe.
The Bank of Spain has approved for American crypto exchange Coinbase to begin offering its range of services to retail and institutional investors within the country. This follows after it found the exchange to have duly registered and in full compliance with the existing Anti-Money Laundering (AML) laws of the state.
Recall that in October 2021, the Bank of Spain issued guidance to crypto firms that will help them obtain AML compliance in the country. The guidance asked firms to tender detailed reports of their efforts to prevent criminal activities such as money laundering and terrorism financing.
Coinbase Eyes ‘Viable’ Market in Spain
According to Coinbase, the registration gives its Spanish users full access to its services. That is, they may now retain crypto assets on the exchange or even buy and sell them in euros. Part of a September 22 official statement reads:
“This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework.”
It might be worth mentioning that Coinbase has been keen on getting the registration in Spain. The exchange was encouraged by the fact that nearly one-third of the population of the country has a positive disposition toward digital assets. This percentage of Spanish residents strongly believe that crypto is the future of finance.
Another contributory factor to how Coinbase secured AML registration is that crypto has gradually become Spain’s second most preferred payment method. Interestingly, crypto payments in the region now exceed even those of traditional bank transfers.
Global Expansion Also in View
For what it’s worth, the latest development aligns with Coinbase’s goals of expanding its business across Europe. It has been aiming to establish a strong presence in the continent. However, that in itself is a smaller part of its global expansion plans.
Nana Murugesan, vice president of international and business development at Coinbase has also confirmed the expansion plans. However, he added that the exchange will stop at nothing to ensure regulatory compliance across the world. To buttress his point, he said:
“In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada.”
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