Coinbase sees this as a step in achieving its objective of expanding its operations across the European Union.
Coinbase, a cryptocurrency exchange based in the United States, has received permission from the Bank of Spain to provide its full suite of services to individual and institutional clients in Spain. This decision was reached after it was determined that the exchange was properly registered and complied with all applicable state Anti-Money Laundering (AML) legislation.
The Bank of Spain published instructions in October 2021 to aid cryptocurrency businesses in becoming AML-compliant in the nation. Companies were instructed to submit reports outlining the steps they had taken to safeguard against illegal activities including money laundering and terrorist funding.
It’s worth noting that Coinbase is eager to complete the registration process in Spain. Nearly a third of the country’s population having a favorable attitude toward digital assets supported the trade. Many Spaniards are convinced that cryptocurrencies would revolutionize the financial sector.
The fact that cryptocurrency is quickly becoming the second most popular payment method in Spain is likely another reason why Coinbase was able to get AML registration. Cryptocurrency payments in the area have recently surpassed the volume of wire transfers.
Coinbase’s plans to grow in the European market are consistent with this new information. For some time, it has sought to solidify its foothold throughout the continent. However, it is just a minor element of the company’s overall strategy for worldwide growth.
Coinbase’s VP of international and business development, Nana Murugesan, also reaffirmed the company’s growth intentions. However, he stressed, the market would do all it takes to be in full compliance with laws and regulations anywhere it operates. To back up his claim, he added:
“We have received VASP registrations in Italy, Ireland, and the Netherlands in the last 12 months alone, and we have also received in-principle permission and launched in Singapore, launched in Brazil, and launched in Canada.”
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