The registration as a cryptocurrency exchange and custodian wallet provider will allow Coinbase to offer a full suite of products and services to retail and institutional users in Spain
The crypto exchange Coinbase has announced that it had registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. The AML registration enables the exchange to offer crypto custody and trading to Spanish individuals and institutions.
The obtained license continues the long list of Coinbase’s recent international expansion efforts. In the last year alone, the crypto exchange has obtained VASP registrations in Italy, Ireland, and the Netherlands, along with the in-principle approval and launching in Singapore, Brazil, and Canada. Besides that, Coinbase received a legal permission to operate in Bermuda.
All these moves are performed in accordance with the company’s “Go Broad, Go Deep” strategy, which has now entered the second phase. Within this stage, Coinbase aims to “focus on acquiring licenses and registrations, tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations in ”Go Deep” markets that are enacting clear rules.”
Coinbase finds Spain as a prospective market. According to the press release data, cryptocurrencies are now the second most popular payment method in Spain, with 60.7% of Spanish citizens motivated to buy cryptocurrencies for long-term investments, and 35.7% to make payments.
Since MiCA legislation was introduced by European Union policymakers, Coinbase believes now is the pivotal moment for cryptocurrencies in the region.