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You are here: Home / News / Coinbase’s AML Victory Ignites European Crypto Revolution
coinbase

Coinbase’s AML Victory Ignites European Crypto Revolution

September 25, 2023 by Aishwarya shashikumar

In a significant move for the cryptocurrency industry, Coinbase, one of the world’s leading cryptocurrency exchanges, has obtained Anti-Money Laundering (AML) compliance registration from the Bank of Spain. This development marks a crucial step in Coinbase’s European expansion strategy, granting it the ability to offer its services to both retail and institutional investors in Spain.

Screenshot 2023 09 22 at 3.20.42 PM
Source: Coinbase Blog

Spanish crypto enthusiasts now have the opportunity to securely store their digital assets on Coinbase while seamlessly trading in euros. This registration ensures that the exchange’s offerings are fully compliant with Spain’s national legal framework, ensuring peace of mind for users and regulators alike.

The timing couldn’t be better, as the appetite for cryptocurrencies in Spain continues to grow. Recent surveys show that nearly 29% of Spanish adults view cryptocurrencies as the future of finance, reflecting a widespread optimism in the country’s crypto landscape. Furthermore, cryptocurrencies have become Spain’s second-favorite payment method, outpacing traditional bank transfers.

Nana Murugesan, Vice President of International and Business Development at Coinbase, emphasized the company’s commitment to global regulatory compliance. Coinbase has been diligently securing Virtual Asset Service Provider (VASP) registrations in various European countries, including Italy, Ireland, and the Netherlands, while expanding its presence worldwide.

This achievement closely follows the approval of another major cryptocurrency exchange, Crypto.com, by the Bank of Spain earlier this year. The momentum in regulatory approvals indicates the growing acceptance and recognition of the cryptocurrency industry within the Spanish financial system.

Coinbase Leads Charge

Coinbase’s expansion in Europe aligns with a broader trend, as it recently made headlines with its attempts to acquire the defunct crypto exchange FTX Europe. This expansion strategy underscores the exchange’s determination to establish a strong foothold in the European crypto market.

However, as cryptocurrencies continue to gain traction globally, concerns over regulatory oversight persist. The European Parliamentary Research Service (EPRS) has highlighted the need for stricter regulatory frameworks for crypto markets outside the European Union. With the Markets in Crypto-Assets Regulation (MiCA) Act on the horizon, the EPRS urges a more rigorous regulatory framework for non-EU jurisdictions to safeguard the EU’s financial system and autonomy.

Coinbase’s AML registration in Spain serves as a pivotal moment not only for the exchange but also for the broader cryptocurrency industry in Europe. As regulatory clarity and acceptance continue to expand, the crypto space is poised for further growth and mainstream adoption on the continent.

Filed Under: News, Altcoin News, Bitcoin News, World Tagged With: AML, Coinbase, Crypto, Cryptocurrency, europe, Spain

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