Coinbase Gets Permission From Bank Of Spain, Ready To Serve Crypto Investors In Spain

Coinbase got permission from the Bank of Spain to open services in Spain. (Photo; Doc. CentralBanking)

JAKARTA - The Bank of Spain has approved Coinbase, one of America's leading crypto exchanges, to start offering various services to retail and institutional investors in Spain.

This is an important step because the Bank of Spain knows that Coinbase has registered correctly and fully complies with the Anti-Money Laundering (AML) law in force in the country.

The Bank of Spain itself has previously issued guidelines in October 2021 aimed at crypto companies. The guidelines have the aim of helping crypto companies achieve AML compliance in Spain. The guidelines require companies to provide detailed reports on their efforts to prevent criminal activities such as money laundering and terrorism financing.

According to Coinbase, this registration will give Spanish users full access to its services. Users can now store crypto assets on the exchange or even buy and sell them in euros.

"This registration will allow Coinbase to offer our complete suite of products and services to retail and institutional users in Spain, all in accordance with the national legal framework," Coinbase said in an official statement on September 22, 2023.

Coinbase's decision to focus in Spain was driven by the fact that nearly a third of the country's population has a positive view of digital assets. Many Spanishs believe that cryptocurrencies are the future of finance. In addition, crypto is also increasingly becoming a preferred payment method for both Spain, even exceeding traditional bank transfers.

This expansion is in line with Coinbase's plans to expand its business across Europe. The company has the determination to build a strong presence on the continent as part of its global strategy. Nana Muuggesan, Vice President of International Development and Business at Coinbase, has also confirmed this expansion plan.

He stressed that Coinbase will continue to be committed to complying with worldwide regulations, and they have taken steps to do this in various countries, including Italy, Ireland, the Netherlands, Singapore, Brazil, and Canada.