Crypto news

Coinbase obtains AML registration from the Bank of Spain.

In its continued expansion across Europe, cryptocurrency exchange Coinbase has achieved an Anti-Money Laundering (AML) compliance registration from Spain’s central bank.

The recent announcement on September 22 confirms that this registration with the Bank of Spain enables Spanish users to securely retain custody of their cryptocurrency assets on Coinbase.

Additionally, they can now conveniently engage in buying and selling crypto assets using euros on the platform.

This development further strengthens Coinbase’s presence in the European market and enhances accessibility for Spanish crypto enthusiasts.

“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”

The positive sentiment towards digital assets in Spain was underscored by recent data, which revealed that nearly one-third of adults in the country view cryptocurrency as the future of finance.

Specifically, 29% of individuals in Spain expressed optimism about the role of crypto in shaping the financial landscape.

Furthermore, the report highlighted a notable shift in payment preferences, with cryptocurrency surpassing traditional bank transfers to become the second most favored payment method in Spain.

Nana Murugesan, Coinbase’s Vice President of International and Business Development, emphasized the exchange’s commitment to regulatory compliance worldwide.

This ongoing dedication ensures that Coinbase continues to navigate the global landscape while adhering to regulatory requirements and providing secure and reliable services to users.

“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.” Receives Regulatory Approval in Spain, Coinbase Expands Presence in Europe, and EPRS Calls for Stricter Oversight in the Global Crypto Market

Coinbase Europe

In a recent development, crypto exchange has obtained regulatory approval in Spain, receiving a virtual asset service provider registration from the Bank of Spain on June 23.

This achievement aligns with the Bank of Spain’s guidance provided in October 2021, which outlined the necessary steps for crypto service providers to achieve Anti-Money Laundering (AML) compliance in the country.

The guidance mandated that crypto exchanges submit reports detailing their efforts to prevent illicit activities like money laundering and terrorism financing.

Meanwhile, Coinbase is actively working to establish a strong presence in Europe.

Reports on September 22 indicated that Coinbase made two acquisition attempts for the defunct crypto exchange FTX Europe.

The first attempt occurred in November 2022 when FTX filed for bankruptcy, and the second attempt took place in September 2023.

This development comes at a time when the European Parliamentary Research Service (EPRS) has emphasized the importance of stricter oversight by non-European regulators in the global crypto market.

With the Markets in Crypto-Assets Regulation (MiCA) Act set to be implemented by December 2024, an EPRS report highlights the need for a more robust regulatory framework in non-EU jurisdictions.

This underscores the growing recognition of the importance of regulatory compliance and oversight in the cryptocurrency industry.

“There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”

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