Coinbase Secures Cryptocurrency Exchange and Custodian Wallet Provider Registration with the Bank of Spain for Expansion Strategy

Coinbase Secures Cryptocurrency Exchange and Custodian Wallet Provider Registration with the Bank of Spain for Expansion Strategy

Crypto News – In a significant move towards its international expansion strategy, leading cryptocurrency exchange Coinbase has successfully obtained registration from the Bank of Spain as a cryptocurrency exchange and custodian wallet provider. This development is part of Phase II of Coinbase’s strategic initiative, known as “Go Broad, Go Deep,” aimed at expanding its reach within Spain by engaging retail consumers, institutional clients, and developer partners.

Coinbase made the formal announcement of achieving Anti-Money Laundering (AML) registration on the late evening of September 23. The registration granted by the Bank of Spain empowers Coinbase to offer a comprehensive range of products and services to both retail and institutional users throughout the country.

Expressing enthusiasm for this accomplishment, Nana Murugesan, the Vice President of International and Business Development at Coinbase, 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.”

With this registration, users now have the capability to utilize services such as custody of crypto assets, buying and selling crypto assets using fiat currency, and trading various cryptocurrencies against each other.

It is notable that cryptocurrency payments are the second most utilized method of payment in Spain. According to a study by Bitnovo, 60.7% of Spanish citizens are in agreement to purchase cryptocurrencies for long-term investments, while 35.7% opt for crypto to facilitate payments.

In the previous year, Coinbase had secured VASP registrations in Italy, Ireland, and the Netherlands. The company has also received in-principle approval for expansion in regions like Singapore, Brazil, and most recently, Canada.

The Markets in Crypto Assets (MiCA) regulation in the European Union represents a pivotal moment for the crypto industry within the region. The regulatory clarity provided by MiCA has been positively received by the industry, signifying a broader recognition of the potential of this emerging technology by policymakers.

Amidst the tightening regulatory environment and crypto crackdown in the United States, major players in the cryptocurrency space, including Ripple, Galaxy Digital, and Coinbase, are increasingly directing their focus towards Europe. Galaxy Digital, led by Mike Novogratz, recently disclosed plans to amplify its expansion efforts in Europe through new hires. Likewise, Ripple’s CEO, Brad Garlinghouse, has revealed plans for recruitment in the UK and other European nations.

Currently, Coinbase is actively engaged in advocating for regulatory clarity and appropriate crypto regulations in the United States while contesting regulatory matters with the U.S. Securities and Exchange Commission.