On September 22, Coinbase announced that it had secured the Anti-Money Laundering (AML) registration with the Bank of Spain as a crypto exchange and custodian wallet provider. This marks a key milestone in their mission for global expansion of compliant crypto services.
The AML registration will allow Coinbase to offer their entire suite of products and services to retail and institutional users in Spain in compliance with the national legal framework. Users in Spain will now have access to the custody of crypto assets. They can buy and sell crypto assets in legal tender and even participate in crypto trading.
Speaking on the announcement, Nana Murugesan, Vice President of International and Business Development at Coinbase, said, “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.”
Coinbase noted that there had been significant progress in regulatory clarity and support for the crypto industry worldwide. In 2022, they obtained Virtual Asset Service Provider (VASP) registrations in Italy, Ireland, and the Netherlands. They also received in-principle approval to operate in Singapore, launched their services in Brazil, and most recently expanded into the Canadian market.
These developments are a part of the company’s “Go Broad, Go Deep” strategy to expand its international presence. It involves three key elements: clear regulatory rules, innovative products, and user trust. They are expanding internationally in Phase II by obtaining licences, customising their products for local markets, forming partnerships, and strengthening operations, especially in markets like Spain, where clear regulations exist.
Notably, in Spain, there’s significant crypto optimism, with 29 percent of adults considering crypto as the future of finance. Cryptos have become the second most popular payment method, surpassing bank transfers. Spanish citizens are motivated to buy crypto for long-term investments (60.7 percent) and make payments (35.7 percent). The country also has a growing blockchain ecosystem, with 178 startups in the financial services sector and a high demand for blockchain skills.
The recent adoption of the Markets in Crypto-Assets Regulation (MiCA) by the European Union is seen as a crucial development for the crypto industry in the region, providing regulatory clarity.
Coinbase’s registration comes just ahead of Benzinga’s Future of Digital Assets conference on November 14 that aims to explore the changing dynamics of the cryptocurrency industry. Coinbase’s recent achievement highlights the key themes expected to be discussed at the event, particularly the significance of regulatory transparency and global growth within the digital asset sector.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash