The Bank of Spain has authorised Moon Tech Spain SL, a division of cryptocurrency exchange Binance, to operate as a Virtual Asset Services Provider (VASP). The crypto exchange platform took to Twitter to make the announcement.
One of the top providers of cryptocurrency infrastructure and the blockchain ecosystem in the world, Binance has a range of financial products that includes the biggest exchange for digital assets by volume.
The registration will enable Binance to provide custody and exchange services for digital assets in Spain in accordance with the AML/CTF regulations laid forth by that country’s central bank. On 7 July 2022, the Bank of Spain approved Moon Tech Spain’s application for registration after it submitted it on January 28.
For VASPs providing custody services for digital wallets as well as exchange services for euros or other currencies for cryptocurrency assets, the Bank of Spain supervises and verifies compliance with AML and CTF regulations. The bank additionally confirms that the local corporation and its directors adhere to the standards of business and professional honorability.
The revelation was greeted by Changpeng Zhao, ‘CZ’, founder and CEO of Binance, who stated that proper regulation is necessary for the adoption of cryptocurrencies on a large scale.
CZ futher stated,
“Moon Tech’s registration in Spain is an acknowledgement of the hard work and commitment of our teams to providing a platform that places user protection above all else.”
Binance’s CZ discusses potential expansion in W.African nations
Recently, CZ visited Côte d’Ivoire to discuss the potential inclusion of cryptocurrency trading on the country’s commercial exchanges.
Binance’s next goal was to grow in the West African cryptocurrency market after overcoming regulatory pressure from the South African region last year and stopping its futures trading programme.
The discussion with the founder of Binance at the Palace of the Presidency of the Republic was focused on economic and financial issues related to access to cryptocurrencies, according to the official government website.
The largest economy in the West African Economic and Monetary Union, Côte d’Ivoire has also made a number of announcements to attract foreign investment.