The Bank of Spain has given the go-ahead to Coinbase, the second bitcoin (BTC) exchange with the highest global trading volume, to operate legally in that country.
In a statement, the company based and with the largest presence in the United States, said that users in Spain “will now have access to cryptoasset custody services; buy or sell crypto-assets in legal tender and the trading of crypto-assets against other crypto-assets”.
The exchange considers as a key aspect, the regulatory advances of Spain, this being what drove its expansion to the European country, so that they can adapt the experience of their products to local needs, says the company.
That regulatory framework was established by the Bank of Spain in 2021, with the so-called registry for “providers of virtual currency exchange services for fiat currency and custody of electronic wallets.
The registration is part of Law 10/2020 on the Prevention of Money Laundering and Terrorist Financing. So far, there are 84 registered companies, including Coinbase, that can provide services with bitcoin in Spain. The first to receive approval from the regulator was the Bit2Me exchange and has been followed by others such as Binance, Bitpanda, Bitstamp and Bitnovo.
Coinbase relies on regulations to expand
The expansion of Coinbase in Spain is not accidental, it is part of what they have called Phase II, a new plan to expand their global presence, as they exposed earlier this month.
“We see the enactment of clear rules; innovation of more efficient and accessible products and services; and the user trust created through these products and services as our formula for long-term growth.”
Among those clear rules mentioned by Coinbase is the Regulation for the Cryptoactive Market (MiCA) of the European Union (EU), approved in April of this year. “This brings regulatory clarity to all 27 EU countries, giving the cryptocurrency industry confidence to invest in the region,” says Coinbase.
As part of that plan, Coinbase has also started operations in several countries so far this year. Introduced simple bank transfers with FAST in Singapore; integrated payments from Pix, the payment platform of the Central Bank of Brazil; Interac’s integrated payment gateways in Canada; and integrated PayPal payments for our users in Germany and the UK.
Image: Copyright: burdun
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