U.S.-based crypto exchange Coinbase has obtained a registration in Spain that will allow it to offer a range of services for digital assets. The authorization fits into the company’s current strategy for global expansion through acquiring local licenses and tailoring products for specific markets.
Cryptocurrency Exchange Coinbase Registers With the Central Bank of Spain
Leading U.S. digital assets trading platform Coinbase has registered as a crypto exchange and custodian wallet provider with the Bank of Spain. The firm said this week the registration will allow it to offer its full suite of products and services to both retail and institutional customers in compliance with in Spain’s laws and regulations.
In an announcement on Friday, Coinbase emphasized the development is a milestone in the execution of its “Go Broad, Go Deep” strategy for international expansion. In a recent blog post, the American crypto firm said it’s launching its second phase and shared details about its plans.
Coinbase users in Spain will now be able to buy and sell cryptocurrencies with fiat, trade crypto assets and have access to crypto custody on its platform, the exchange detailed. Commenting on the news, the company’s Vice President of International and Business Development Nana Murugesan stated:
We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain.
The executive also reminded that in the past year alone Coinbase has obtained registrations as a virtual assets service provider (VASP) in Italy, Ireland, and the Netherlands. It also received in-principle approval and is launching in Singapore, Brazil, and Canada.
“Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum, Murugesan pointed out. He also acknowledged that a large part of the world is now providing clarity and guidance for the crypto industry.
Earlier in September, Coinbase revealed it seeks expansion in jurisdictions with clear crypto rules, unlike the U.S., where authorities are enforcing existing rules and new regulation through courts. The exchange now added it’s focused on acquiring local licenses and registrations, tailoring products to local needs, establishing local partnerships, and strengthening local operations in markets like Spain.
Coinbase also underscored the importance of this year’s adoption of the European Union’s Markets in Crypto Assets (MiCA) legislation which it described as a pivotal moment for cryptocurrencies in the region showing that Europe is recognizing the potential of the emerging technology.
“The EU is stepping up to the mark, while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry,” the exchange said. Its statement follows a recent report that Coinbase sought to acquire the European arm of failed crypto exchange FTX in order to expand its derivatives business on the Old Continent.
The U.S. company further highlighted that close to 30% of adults in Spain believe crypto is the future of finance and that cryptocurrencies like bitcoin are now the second most popular payment method in the Mediterranean nation, overtaking bank transfers, while over 60% of Spanish citizens look to crypto assets for long-term investments.
Do you think the Bank of Spain registration will help Coinbase grow its business in Europe? Tell us in the comments section below.
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