Coinbase, a leading cryptocurrency exchange, has officially registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. This registration allows Coinbase to offer its full suite of products and services to both retail and institutional users in Spain, while ensuring compliance with the country’s legal framework.
This milestone reflects Coinbase’s ongoing international expansion strategy, known as “Go Broad, Go Deep.” The momentum for cryptocurrencies is growing worldwide, and Coinbase is actively executing Phase II of its expansion plan. The company has achieved VASP registrations in Italy, Ireland, and the Netherlands, and has received in-principle approval for launch in Singapore, Brazil, and Canada.
Nana Murugesan, Vice President of International and Business Development at Coinbase, emphasized the importance of working with regulators in these jurisdictions as a fundamental step towards global growth. Coinbase aims to establish licenses and registrations, customize its product experience according to local needs, form local partnerships, and strengthen operations in markets that have clear regulatory frameworks, such as Spain.
According to recent data, 29% of adults in Spain believe that cryptocurrencies are the future of finance. In fact, cryptocurrencies have surpassed bank transfers to become the second most popular payment method in the country. A survey conducted by Bitnovo revealed that 60.7% of Spanish citizens are interested in buying cryptocurrencies for long-term investments, while 35.7% use them for making payments.
Furthermore, Spain has seen significant growth in the blockchain industry. With 178 blockchain startups in the financial services sector, the demand for blockchain skills has exceeded expectations. The recent adoption of the Markets in Crypto Assets (MiCA) regulation by European Union policymakers represents an important development for cryptocurrencies in the region. MiCA provides clarity and regulatory certainty for the industry, highlighting the recognition of the potential of emerging technologies in Europe.
While the EU is taking proactive steps towards regulation, other jurisdictions are still struggling to establish a cohesive and clear regulatory framework for the innovative cryptocurrency industry. Coinbase’s registration with the Bank of Spain signifies its commitment to operating within established regulatory boundaries and providing secure and compliant services to its users in Spain.
Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it