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Coinbase Receives Anti-Money Laundering Compliance Registration from Bank of Spain

Coinbase has obtained an important Anti-Money Laundering (AML) compliance registration from the Bank of Spain, solidifying its position as a registered cryptocurrency exchange in the country.

In a recent blog post, Coinbase announced its expansion into Europe and highlighted that Spanish users can now safely store their digital assets on the platform, as well as engage in buying and selling crypto assets using the euro.

This registration with the Bank of Spain allows Coinbase to offer its complete range of products and services to both retail and institutional users in Spain, while ensuring compliance with the country’s legal framework.

Over the course of the past year, Coinbase has successfully obtained Virtual Asset Service Provider (VASP) registrations in various European countries, including Italy, Ireland, and the Netherlands. Additionally, it has gained in-principle approval and launched its services in Singapore, Brazil, and Canada.

Nana Murugesan, Vice President of International and Business Development at Coinbase, expressed excitement about the registration from the Bank of Spain, emphasizing its importance in supporting and expanding Coinbase’s customer base and partnerships in Spain.

“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry.”

Spain Embraces Cryptocurrency

Spain has recently displayed a growing acceptance of the digital asset sector, with increased mainstream adoption in the country.

Coinbase claims that approximately 29% of adults in Spain view cryptocurrencies as the future of finance. Additionally, crypto has emerged as the second most preferred payment method in the country, surpassing traditional bank transfers.

A study conducted by Bitnovo revealed that 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, with 35.7% using them for payments.

Coinbase’s registration in Spain follows the regulatory approval received by Crypto.com from the Bank of Spain in June. These developments indicate the growing recognition of the cryptocurrency industry by regulatory authorities and the increasing adoption of digital assets in Spain.

As part of its expansion efforts, Coinbase has reportedly made two attempts to acquire defunct crypto exchange FTX Europe. This move aligns with recent calls for stricter oversight by non-European regulators in the global cryptocurrency market.

The European Parliamentary Research Service (EPRS) has emphasized the need for a more rigorous regulatory framework in non-EU jurisdictions as the implementation deadline for the Markets in Crypto-Assets Regulation (MiCA) Act approaches in December 2024.

However, there are concerns within the crypto sector regarding the EU’s MiCA regulation. Marina Parthuisot, head of legal at Binance France, has raised concerns about the potential delisting of stablecoins in Europe due to the upcoming implementation of MiCA.

Amidst these regulatory changes, AI legalese decoder can be beneficial for individuals and businesses navigating the evolving legal landscape of the crypto industry. It can help decrypt complex legal documents, understand regulatory requirements, and ensure compliance with the changing regulations, such as the MiCA Act.

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