Coinbase, a cryptocurrency exchange, has secured anti-money laundering (AML) compliance registration from the Bank of Spain, marking a further step in its European expansion.
According to an announcement made on September 22, this registration allows Spanish users to safely custody their crypto assets on Coinbase. They can also engage in buying and selling crypto assets with the euro, Spain's fiat currency.
Coinbase noted that nearly one-third of Spanish adults hold a positive view of digital assets, with 29% believing that cryptocurrencies represent the future of finance. The announcement also highlighted that cryptocurrencies have become the second most popular payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, Vice President of International and Business Development at Coinbase, emphasized the company's commitment to global regulatory compliance. In recent times, Coinbase has obtained VASP (Virtual Asset Service Provider) registration in multiple European countries, including Italy, Ireland, and the Netherlands , and has received in-principle approval and launched operations in Singapore, Brazil, and Canada.
Coinbase's move follows Crypto.com's regulatory approval in Spain. Crypto.com announced on June 23 that it had received VASP registration from the Bank of Spain.
In October 2021, the Bank of Spain issued guidelines outlining the steps that cryptocurrency service providers must take to achieve AML compliance in the country. These directives require cryptocurrency exchanges to report their efforts to prevent illegal activities such as money laundering and terrorist financing.
Coinbase's expansion in Europe has been making headlines, with recent reports indicating that the exchange attempted to acquire the now-defunct cryptocurrency exchange FTX Europe on two occasions. Coinbase's ambition in the European market aligns with the impending implementation of the Markets in Crypto-Assets Regulation (MiCA) Bill in December 2024. The European Parliament Research Service (EPRS) has urged for stricter regulation of global cryptocurrency markets by non-European regulators, highlighting concerns about the EU's financial system and autonomy depending on policy actions taken by non-EU countries where MiCA applies.
