Coinbase, a leading cryptocurrency exchange platform, has obtained registration from the Spanish Central Bank, allowing it to offer exchange and custodial services in the country. This registration is not a mere formality; it obliges the company to comply with Spain’s rigorous anti-money laundering standards, highlighting Coinbase’s commitment to operate transparently and in accordance with local regulations.
This registration will enable Coinbase to offer its full range of products and services to individuals and institutional users in Spain, while complying with the national legal framework.
Upcoming EU Regulations and Industry Outlook
Although Spain currently does not have a specific licensing framework for cryptocurrency entities, changes are on the horizon. The EU’s MiCA regulation, scheduled for implementation in 2024, requires such a framework for cryptocurrency issuers and service providers. According to Coinbase, this development showcases the EU’s recognition of the rapidly expanding cryptocurrency sector. Commenting on this, the exchange stated:
The regulatory clarity that MiCA provides to the industry is highly welcome, emphasizing the region’s perception of the immense potential of emerging technologies.
With this move, Coinbase joins other notable entities such as Crypto.com and Bitstamp, who have also successfully registered with the Spanish regulatory body.