Coinbase secures AML registration from the Bank of Spain

Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank, as part of its ongoing expansion across Europe.

According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in Spain’s legal tender, the Euro.

“This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework”

It highlighted that almost one-third of individuals in Spain have a positive outlook on digital assets. “29% of adults in Spain believe crypto is the future of finance,” it stated.

Additionally, it noted that crypto has now become the second most preferred payment method in Spain, surpassing traditional bank transfers.

Nana Murugesan, vice president of international and business development at Coinbase, stated that the exchange continues to seek regulatory compliance across the world:

“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.”

Excited to announce another major international milestone for Coinbase with today’s VASP registration from the Bank of Spain

Crypto regulatory clarity in the EU is helping to accelerate our expansion efforts in the region! https://t.co/W78LHKzcB5

— Nana Murugesan ️ (@NanaMurugesan) September 22, 2023

This follows shortly after crypto exchange Crypto.com obtained regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a virtual asset service provider (VASP) registration from the Bank

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Author: Ciaran Lyons

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