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Coinbase Obtains AML Compliance from Bank of Spain Amid Crypto Surge in Country
Cryptocurrency giant Coinbase secures an Anti-Money Laundering registration from Spain's central bank, reinforcing its commitment to European expansion amidst Spain's growing affinity for digital currencies.
With this registration, Spanish users can now securely retain custody of their crypto assets on Coinbase. Additionally, they can conveniently buy and sell crypto assets using euros. The move comes as almost one-third of adults in Spain express a positive outlook on digital assets, with 29% believing that crypto is the future of finance.
Furthermore, crypto has emerged as Spain's second most preferred payment method, surpassing traditional bank transfers. The growing interest in digital currencies has prompted Coinbase to prioritize compliance and regulatory adherence in various countries.
Nana Murugesan, the vice president of international and business development at Coinbase, stated, "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."
Coinbase's registration follows closely on the heels of crypto exchange Crypto.com, which also received regulatory approval from the Bank of Spain in June. The Bank of Spain has provided guidelines for crypto service providers to ensure compliance with anti-money laundering measures.
Coinbase's expansion efforts extend beyond Spain. The exchange has shown an interest in establishing a strong presence in Europe. In previous attempts to solidify its position, Coinbase made failed acquisition bids for FTX Europe, a defunct crypto exchange, in November 2022 and September 2023.
Meanwhile, the European Parliamentary Research Service (EPRS) has stressed the importance of non-European regulators implementing stricter oversight in the global crypto market. As the deadline for the Markets in Crypto-Assets Regulation (MiCA) Act approaches in December 2024, the EPRS emphasizes the necessity of a more robust regulatory framework in non-EU jurisdictions.
As Coinbase continues its expansion and commitment to regulatory compliance, the AML registration from the Bank of Spain marks a significant milestone, reinforcing the exchange's reputation as a trusted platform for crypto transactions.
Photo: Coinbase Newsroom
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