FX.co ★ Coinbase registers as crypto exchange with Bank of Spain

On September 25, the Bank of Spain reportedly granted a license to Coinbase. This means that the crypto exchange meets with the local anti-money laundering (AML) requirements.

The AML license enables Coinbase to offer an expanded range of products and services to retail and institutional users in Spain. Now the exchange's customers can buy and sell digital assets for euros, as well as trade cryptocurrencies.

According to a survey conducted by Coinbase analysts, almost a third of Spanish residents are positive about cryptocurrencies. At the same time, 29% of respondents view digital assets as the future of finance. In addition, a survey by Bitnovo found that 60.7% of Spaniards are ready to use crypto assets as a long-term investment, and 35.7% — as a payment method.

Cryptocurrencies have become the second most popular means of payment, overtaking bank transfers. At the moment, there are 178 blockchain-based startups operating in the country's financial services sector.

According to Nana Murugesan, vice president of international and business development at Coinbase, the exchange is trying to comply with regulatory requirements around the world. Over the past year, the trading platform has obtained Virtual Asset Service Provider (VASP) registrations in Italy, Ireland, and the Netherlands. In 2022, Coinbase received a digital asset license from the Singapore regulator. Recently, it has launched its platform in Canada.

Earlier, in October 2021, the Bank of Spain issued comprehensive guidelines for crypto service providers. Companies operating in this sphere need to comply with them in order not to violate laws.