Cryptocurrency exchange Coinbase has taken a significant step in its European expansion by securing Anti-Money Laundering (AML) compliance registration from Spain’s central bank. This development, announced on September 22, enables users in Spain to have greater control over their crypto assets. They can buy, sell, and hold crypto assets in compliance with Spain’s legal tender, the Euro.
Nana Murugesan, Vice President of International and Business Development at Coinbase, expressed the company’s commitment to adhering to regulatory requirements worldwide. He 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.”
Growing Crypto Enthusiasm in Spain
This registration marks an important milestone for Coinbase, especially as it comes at a time when a significant portion of the Spanish population has shown optimism toward digital assets. According to Coinbase, “29% of adults in Spain believe crypto is the future of finance.” The report also highlights the growing preference for cryptocurrencies as a payment method in Spain, surpassing traditional bank transfers.
Coinbase’s pursuit of AML registration aligns with its broader strategy to establish a strong presence in Europe. Recent reports revealed that the exchange made attempts to acquire FTX, a crypto exchange, twice. These efforts demonstrate Coinbase’s dedication to expanding its footprint and influence in the European cryptocurrency market.
Coinbase’s European Expansion Plans
Furthermore, the European Parliamentary Research Service (EPRS) has underlined the need for non-European regulators to implement more robust oversight, aiming to enhance stability and growth in the global crypto market. As the Markets in Crypto-Assets Regulation (MiCA) Act moves closer to its implementation deadline in December 2024, the EPRS report emphasizes the importance of establishing a stringent regulatory framework in non-EU jurisdictions.
The report notes, “There are yet several channels through which the EU’s financial system and autonomy are still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”
Coinbase’s registration with the Bank of Spain bolsters its standing in the European crypto landscape, offering Spanish users access to a secure and compliant platform for cryptocurrency transactions.