Coinbase Secures Anti-Money Laundering Registration in Spain

In a thrilling twist for the cryptocurrency world, Coinbase has joined the growing list of compliant platforms after it snagged an Anti-Money Laundering (AML) registration from Spain’s central bank. As of September 22, Spanish users can now handle their crypto assets, buy and sell using euro, all while the bureaucrats are nodding in approval.

What This Means for Users

This new compliance means that Spanish crypto aficionados can keep their assets on Coinbase without leaving anything to chance. With one-third of the population expressing an optimistic view toward digital assets, this is more than just a regulatory footnote—it’s a potential game-changer for crypto enthusiasm in the country. In fact, a whopping 29% of adults believe crypto is the ‘next big thing’ in the monetary world!

More Than Just a Local Affair

Indeed, Nana Murugesan, Coinbase’s VP of International and Business Development, emphasized that this is just one step of many in their expansion journey. They’ve been busy securing registrations in various countries, including Italy, Ireland, the Netherlands, and even venturing into Canada, Brazil, and Singapore. Talk about globetrotting!

Coinbase’s Competition and Collaborative Compliance

Coinbase is not alone in this dance. Just a few months ago, Crypto.com received a similar regulatory thumbs-up from the Bank of Spain. The competition is stiff, and both platforms know they need to play by the rules to thrive. Furthermore, recent guidelines from the Bank of Spain clarified the steps for crypto service providers to ensure AML compliance and prevent illicit activities like money laundering. Who knew crypto could require so much paperwork?

The Wider Implications for the Crypto Market in Europe

As Coinbase sets its sights on solidifying its footing in Europe, regulatory clarity in the EU is playing an essential role in smoothing the way. With a strong push from the European Parliamentary Research Service for stricter oversight of the global crypto market, an impending regulatory framework could tighten the reins on non-EU jurisdictions significantly before the Markets in Crypto-Assets Regulation (MiCA) Act rolls out in December 2024. The resulting landscape will likely be more structured, less wild-west, which may appeal to both regulators and users alike.