In its continuous expansion throughout Europe, cryptocurrency exchange Coinbase has successfully obtained Anti-Money Laundering (AML) compliance registration from Spain’s central bank. In accordance with a statement issued on September 22nd, this registration with the Bank of Spain grants Spanish users the ability to securely hold their cryptocurrency assets on Coinbase, as well as engage in cryptocurrency transactions using euros.
The report emphasized that nearly one-third of Spain’s population holds a favorable perspective on digital assets, with a notable “29% of adults in Spain seeing cryptocurrency as the future of finance.”
Furthermore, it pointed out that cryptocurrency has overtaken traditional bank transfers to become Spain’s second most favored payment method.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, affirmed the company’s commitment to achieving regulatory compliance on a global scale, stating:
Shortly after Crypto.com obtained regulatory approval in Spain, Coinbase has achieved a similar milestone. Crypto.com announced on June 23 that it had secured virtual asset service provider registration from the Bank of Spain.
In October 2021, the Bank of Spain issued guidelines outlining the steps that crypto service providers should take to ensure Anti-Money Laundering (AML) compliance within the country. These guidelines include the submission of reports detailing efforts to combat illicit activities like money laundering and terrorism financing.
Meanwhile, Coinbase has been actively working to solidify its presence in Europe. On September 22, Cointelegraph reported that Coinbase made two attempts to acquire the defunct crypto exchange FTX Europe, first in November 2022 when FTX filed for bankruptcy and again in September 2023.
These developments coincide with the European Parliamentary Research Service (EPRS) highlighting the importance of stricter oversight by non-European regulators in the global crypto market. As the Markets in Crypto-Assets Regulation (MiCA) Act advances toward its implementation deadline in December 2024, the EPRS report calls for the establishment of a more rigorous regulatory framework in non-EU jurisdictions.