Coinbase, a prominent cryptocurrency exchange, has achieved Anti-Money Laundering (AML) compliance registration from the Central Bank of Spain as part of its ongoing expansion throughout Europe.
In a statement released on September 22, it was announced that this registration with the Bank of Spain would enable Spanish users to securely hold their cryptocurrency assets on Coinbase. Moreover, they can now easily buy and sell cryptocurrencies using Spain’s official currency, the Euro.
“This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”
The statement also highlighted the growing enthusiasm for digital assets in Spain, with nearly one-third of adults expressing a positive outlook on cryptocurrencies. Specifically, it noted that “29% of Spanish adults see cryptocurrency as the future of finance.”
Furthermore, the report revealed that cryptocurrencies have risen to become the second-most preferred payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, the Vice President of International and Business Development at Coinbase, emphasized the company’s commitment to adhering to regulatory standards worldwide.
“In the last year alone we have obtained VASP 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.”
This development closely follows the regulatory approval obtained by another cryptocurrency exchange, Crypto.com, in Spain. On June 23, Crypto.com proudly announced its virtual asset service provider (VASP) registration from the Bank of Spain.
It’s worth noting that the Bank of Spain had issued guidelines in October 2021 outlining the steps crypto service providers must take to achieve Anti-Money Laundering (AML) compliance within the country. These guidelines required crypto exchanges to submit reports detailing their efforts to combat illicit activities like money laundering and terrorism financing.
In parallel, recent reports indicate Coinbase’s efforts to establish a robust presence in the European market. On September 22, Cointelegraph reported that Coinbase made two attempts to acquire FTX Europe, a now-defunct cryptocurrency exchange. The first attempt was in November 2022 when FTX filed for bankruptcy, and the second was in September 2023.
This expansion comes at a time when the European Parliamentary Research Service (EPRS) has emphasized the necessity for non-European regulators to impose stricter oversight on the global cryptocurrency market. As the Markets in Crypto-Assets Regulation (MiCA) Act moves closer to its December 2024 implementation deadline, an EPRS report advocates for the creation of a more comprehensive regulatory framework in non-EU jurisdictions.
“There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”