In a recent progressive move in Spain, Coinbase has obtained an Anti-Money Laundering (AML) compliance registration from the Bank of Spain. This development not only makes it a recognised cryptocurrency exchange but also signifies an expansion of the crypto giant’s influence across Europe. Coinbase users in Spain can now rest assured of the safety of storing their digital assets on the platform and participate freely in the buying and selling of these assets using the euro.
Coinbase’s registration has paved the way for it to offer its vast array of products and services to both retail and institutional users in Spain, strictly adhering to the country’s legal framework. Over the past year, the company has received similar Virtual Asset Service Provider (VASP) registrations in a series of European realms, including Italy, Ireland, and the Netherlands. Singapore, Brazil, and Canada have also welcomed its services through in-principal approvals.
The enthusiasm resonates with Nana Murugesan, Vice President of International and Business Development at Coinbase, who appears to be thrilled about the registration’s accomplishment from the Bank of Spain. A marked increase in the adoption of cryptocurrencies in the country has also been noticed. Recent data released by Coinbase suggests that almost 29% of adults in Spain perceive cryptocurrencies as the future of finance. It seems to have surpassed traditional bank transfers to become the second most preferred paying system in Spain.
Inspiring data from Bitnovo shows that a majority of 60.7% of Spanish citizens buy cryptocurrencies as a long-term investment, and 35.7% primarily utilise them for making payments. Like Coinbase, crypto exchange Crypto.com has also previously received regulatory approval from the Bank of Spain in June.
The world definitely seems to be taking more notice of the cryptocurrency industry, with Spain’s relaxed approach to digital assets indicating wider recognition. However, this acceptance is not without skepticism about the sphere’s possible hurdles, as evident from the criticisms of Binance France’s head of legal, Marina Parthuisot. Her concerns primarily revolve around the potential delisting of stablecoins in Europe due to the anticipated implementation of the Markets in Crypto-Assets Regulation (MiCA) Act.
The MiCA regulation, set to come into effect within the next months, has catapulted legal experts into a frenzy over its implications. Regardless, Coinbase’s desire to make a significant mark in the European landscape is apparent. The aspirations, meshed with calls for more stringent supervision by non-European regulators in the world crypto market, suggest a need for a more rigorous regulatory setup in non-EU jurisdictions as the MiCA Act approaches its December 2024 deadline.
Source: Cryptonews
