Coinbase Gains Spain's Approval for Anti-Money Laundering Compliance
Coinbase secures Anti-Money Laundering registration from the Bank of Spain, marking its expansion in Europe amidst changing perceptions on cryptocurrency.
Sun, 24 Sep 2023, 23:06 pm UTC
Coinbase, a major cryptocurrency exchange, has obtained the nod from the Bank of Spain for Anti-Money Laundering (AML) compliance. This move marks a significant milestone in the platform's strategy to broaden its European footprint.
With this registration from the Spanish central authority, local customers will now enjoy more flexibility in managing their digital currencies. They can now safely store their crypto holdings on the Coinbase platform and conduct transactions in euros.
Reflecting on the recent achievement, a representative from Coinbase mentioned the recognition empowers the company to extend its comprehensive range of services and products to both retail consumers and big-time investors in Spain. This initiative aligns seamlessly with the country's legal stipulations.
Interestingly, Spain's perception of digital currency has evolved considerably. Current findings indicate that nearly 29% of Spain's adult population view cryptocurrencies as a transformative force in the financial sector. Surprisingly, digital currency now ranks as the second favorite mode of transaction in the country, outpacing the conventional bank transfers.
Offering insights into Coinbase's regulatory journey, Nana Murugesan, the vice president of international and business development at Coinbase, elaborated on the exchange's commitment to achieving global compliance. Murugesan confirmed their recent successful registrations in several countries including Italy, Ireland, Netherlands, Singapore, Brazil, and Canada.
Meanwhile, the cryptocurrency landscape in Spain has been rapidly evolving. Notably, just a few months prior, Crypto.com, another major crypto platform, secured its own virtual asset service provider registration courtesy of the Bank of Spain.
Last year, Spain's central bank had provided clear guidelines to crypto service platforms about the necessary measures to ensure AML compliance. These directives clearly mandate the need for crypto exchanges to share their strategies to deter potential threats like money laundering and terrorism financing.
Recently, other events have also caught attention. Speculations are rife about Coinbase's aggressive push to solidify its European presence. Reports from September 22 suggested that Coinbase made two attempts to acquire the now-dissolved FTX Europe.
European authorities are taking notice of these developments. With the approaching enforcement of the Markets in Crypto-Assets Regulation (MiCA) Act slated for December 2024, the European Parliamentary Research Service (EPRS) emphasizes the necessity for tighter controls in the international crypto sector, especially from non-European regulatory bodies.
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