Coinbase Makes Waves in Spain
In a significant move, Coinbase has joined the ranks of crypto platforms accepted by Spain’s financial system after securing an Anti-Money Laundering (AML) compliance registration from the Bank of Spain. This recent victory marks an essential milestone in Coinbase’s ongoing quest for European expansion.
What This Means for Spanish Users
Spanish users can now buy, sell, and keep their crypto assets on Coinbase, all while cruising comfortably in euros. Almost one-third of the locals have a favorable view of cryptocurrencies, with 29% believing it is the future of finance. This crypto enthusiasm is monumental, as digital currency has now overtaken traditional bank transfers to become Spain’s second most popular payment method!
Coinbase’s European Odyssey
Nana Murugesan, the vice president of international and business development at Coinbase, expressed their commitment to global crypto regulatory compliance. “We’ve been busy! Last year, we bagged VASP registrations in multiple countries including Italy, Ireland, and the Netherlands. We even made waves in Singapore and Brazil,” she said, probably while sipping an espresso in a corner café.
A Friendly Competition
Coinbase isn’t alone in this Spanish adventure. Crypto.com recently received its own regulatory approval from the Bank of Spain, slapping on a friendly competition sticker for the crypto exchange landscape in the country. It seems AML compliance is the latest dance in the fintech world, and these exchanges are stepping up their game.
The Road Ahead for Crypto Regulation in Europe
With the European Parliamentary Research Service emphasizing stricter oversight in the global crypto market, the countdown for the Markets in Crypto-Assets Regulation (MiCA) act is on! If enacted by December 2024, it could usher in a new era of rigorous regulations, ensuring a smoother ride (or a speed bump) for crypto businesses trying to take flight.
“Several channels through which the EU’s financial system is at risk remain open, especially being dependent on non-EU jurisdictions,” warned the EPRS. Sounds like a fun party for regulators!
