Crypto exchange Coinbase announces obtaining cryptocurrency exchange and custodian wallet provider registration with Bank of Spain. It will help Coinbase grow its retail consumers, institutional clients, and developer partners in Spain as part of Phase II of “Go Broad, Go Deep” strategy for international expansion. The move comes amid talks to acquire FTX Europe.
Coinbase Receives Bank of Spain Registration
Coinbase in a blog post on late September 23 announced AML registration as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. It enables Coinbase to provide a full suite of products and services to retail and institutional users in the country.
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. Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry.”
Users will now have access to crypto assets custody, buy and sell crypto assets in fiat currency, and trade any crypto against other cryptocurrencies.
Crypto payment is the second most used method in Spain. Bitnovo’s study showed that 60.7% of Spanish citizens agree to buy cryptocurrencies for long-term investments and 35.7% to make payments.
Last year, Coinbase obtained VASP registrations in Italy, Ireland, and the Netherlands. It also received in-principle approval and expanded in Singapore, Brazil, and most recently Canada.
The MiCA in the EU represents a pivotal moment for the crypto industry in the region. The regulatory clarity MiCA provides is welcomed by the industry. The policymakers are recognizing the potential of this emerging technology.
Coinbase is interested in acquiring FTX Europe to expand its derivatives business in the region, giving the exchange
Read More: Coinbase and Crypto.com In Talks to Acquire Bankrupt FTX Europe
Crypto Moves to Europe Amid Crypto Crackdown in the US
Crypto leaders such as Ripple, Galaxy Digital, and Coinbase are moving towards Europe amid the stringent regulatory conditions and crypto crackdown in the US. Mike Novogratz’s Galaxy Digital recently announced increasing its Europe’s expansion plans with new hiring. Ripple CEO Brad Garlinghouse also revealed hiring in the UK and other European countries.
Coinbase presently fights against the U.S. Securities and Exchange Commission for regulatory clarity and crypto regulations in the U.S.
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