Coinbase, a leading cryptocurrency exchange and custodian wallet provider, has achieved a significant milestone in its global expansion strategy. On September 22, the company announced that it had secured Anti-Money Laundering (AML) registration with the Bank of Spain. This registration allows it to offer its full suite of products and services to retail and institutional users in Spain.
Coinbase users in Spain can now access a comprehensive suite of services, including the secure custody of crypto assets, buying and selling of crypto assets in legal tender, and the trading of various cryptocurrencies against one another. Vice President of International and Business Development, Nana Murugesan, expressed enthusiasm about the achievement, highlighting its importance in supporting and growing Coinbase’s user base in Spain.
This milestone is part of Coinbase’s Phase II international expansion strategy, which focuses on obtaining licenses and registrations, customizing the user experience to meet local requirements, establishing strategic local partnerships, and strengthening operations in markets that prioritize regulatory clarity. Spain is one of these markets, as it is a member of the European Union which recently adopted the Markets in Crypto Assets (MiCA) regulations.
The MiCA regulations are a pivotal moment for the cryptocurrency industry in the region, offering much-needed regulatory clarity and demonstrating the EU’s recognition of the transformative potential of emerging technologies. Spain has exhibited a growing interest in cryptocurrencies, with 29% of adults believing in their potential as the future of finance. A study by Bitnovo revealed that a significant portion of Spanish citizens view cryptocurrencies as long-term investments and a means of making payments. Furthermore, the country has a thriving blockchain ecosystem, with numerous startups and a high demand for blockchain-related skills.
Coinbase’s registration with the Bank of Spain marks a significant stride in its mission to provide secure and compliant crypto services to users worldwide. By collaborating with regulators around the world, the company is moving forward with its global expansion strategy.