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Top US digital asset exchange Coinbase has successfully registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
Coinbase says in a new announcement that the registration will let the company offer its full scope of products to retail and institutional users in Spain within regulation.
Spanish users will now be able to access Coinbase’s custody services, buy and sell digital assets using fiat currency and trade crypto against other crypto, as per the announcement.
Nana Murugesan, vice president of international and business development at Coinbase, says coordinating with regulators outside the US is part of the company’s main strategy.
“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry. In the last year, alone we have obtained VASP (virtual asset service provider) 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. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum.”
While Coinbase appears to be growing in other parts of the globe, the crypto exchange is fighting for regulatory clarity in the US. Coinbase CEO Brian Armstrong recently said that crypto firms based in the US are facing an “unfair” regulatory environment.
According to Armstrong, certain members of the government are making it difficult for the crypto industry to thrive.
“It turns out this year, we’ve had to turn our attention of course to the policy side as many of you had as well. It’s a really unfair environment that we are in right now where every startup in the space is just getting hit with a subpoena [or] a Wells notice.
There’s a really concerted, focused effort right now to try and curtail and kill this industry. Specifically, I think the two actors I’ve seen that are most responsible for that are probably the SEC (U.S. Securities and Exchange Commission) Chair Gary Gensler and [Senator] Elizabeth Warren.”
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