Cryptocurrency News

Coinbase secures AML registration from Bank of Spain

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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 now means that users in Spain will be able to retain custody of their crypto assets, 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”

According to the statement, almost one-third of individuals in Spain have a positive outlook on cryptocurrencies. “29% of adults in Spain believe crypto is the future of finance,” it noted.

Additionally, it highlighted that cryptocurrency 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 noted that the exchange continues to seek to comply with regulatory requirements 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.”

Recent reports indicate that Coinbase is aiming to establish a strong presence in Europe.

On September 22, Cointelegraph reported that Coinbase attempted to acquire the now-defunct crypto exchange FTX twice since it filed for bankruptcy in November 2022.

The exchange reportedly explored the acquisition on two occasions, in November 2022 – following the bankruptcy, and in September 2023.

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

This follows The European Parliamentary Research (EPRS) emphasizing the requirement for non-European regulators to exercise stricter oversight, aiming to promote increased stability and growth in the global crypto market.

As the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward its December 2024 implementation deadline, an EPRS report emphasizes the necessity of establishing 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