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.”

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 of Spain. 

In October 2021, the Bank of Spain provided guidance on the steps crypto service providers can take to achieve Anti-Money Laundering (AML) compliance within the country.

The instructions specified that crypto exchanges must submit reports detailing efforts to prevent illicit activities such as money laundering and terrorism financing.

Related: Coinbase holds 5% of all Bitcoin in existence: Data

Meanwhile, recent reports indicate that Coinbase is aiming to establish a strong presence in Europe.

On September 22, Cointelegraph reported that Coinbase attempted to buy FTX Europe, the now-defunct crypto exchange, two times. It first tried in November 2022 when FTX filed for bankruptcy, and then again in September 2023.

This comes amid the European Parliamentary Research Service (EPRS) recently emphasizing the need for non-European regulators to exercise stricter oversight in the global crypto market.

As the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward its December 2024 implementation deadline, an EPRS report urges the establishment of a more rigorous regulatory framework in non-EU jurisdictions.

“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.”

Magazine: How to protect your crypto in a volatile market: Bitcoin OGs and experts weigh in

Article Categories:
Cryptocurrency