The Spanish government has registered U.S.-based cryptocurrency exchange Coinbase, enabling it to provide a variety of services for digital assets. The authorization is in line with the business's existing plan to expand internationally by obtaining local permits and developing products for certain regions.
Coinbase, a cryptocurrency exchange, registers with the Spanish Central Bank
Leading American digital asset trading company Coinbase has registered with the Bank of Spain as a crypto exchange and custodian wallet provider. In accordance with Spanish rules and regulations, the company announced this week that registration will enable it to provide its whole range of products and services to institutional and retail consumers.
Coinbase highlighted the accomplishment as a significant step in the implementation of its "Go Broad, Go Deep" strategy for global expansion in a statement on Friday. The American cryptocurrency company recently released information on the commencement of its second phase in a blog post.
According to the exchange, Coinbase users in Spain will soon be able to trade cryptocurrency assets, buy and sell cryptocurrencies with euros, and access cryptocurrency custody on the site. Nana Murugesan, the organization's vice president of international and business development, commented on the news:
We are thrilled to have received this registration from the Bank of Spain in order to serve and expand our institutional clients, developer partners, and retail customers in Spain.
The CEO also recalled that Coinbase had registered as a virtual assets service provider (VASP) in Italy, Ireland, and the Netherlands in just the previous year. It has also been given preliminary approval and is now being introduced in Singapore, Brazil, and Canada.
In order to expand abroad and maintain our momentum, Murugesan noted that cooperating with regulators in these jurisdictions is a crucial stage in our approach. He also noted that a sizable portion of the world is currently offering guidance and clarity to the cryptocurrency industry.
Earlier in September, Coinbase disclosed that it intends to expand in nations with transparent crypto regulations, as opposed to the United States, where authorities are using the courts to enforce both new and existing regulations. The exchange has since emphasized that it is concentrating on obtaining regional licenses and registrations, customizing goods to regional needs, forging regional alliances, and bolstering regional operations in areas like Spain.
Coinbase also emphasized the significance of this year's Markets in Crypto Assets (MiCA) law passage by the European Union, which it termed as a turning point for cryptocurrencies in the area demonstrating that Europe is realizing the potential of the growing technology.
The exchange stated that "the EU is rising to the occasion, while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry." Its declaration comes in response to a recent story claiming that Coinbase was looking to grow its derivatives business on the Old Continent by purchasing the European division of the defunct cryptocurrency exchange FTX.
The American company also noted that over 60% of Spanish citizens consider crypto assets to be long-term investments, that over 30% of adults in Spain believe that cryptocurrencies are the future of finance, and that cryptocurrencies like bitcoin are now the second most popular payment method in the Mediterranean country, surpassing bank transfers.
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