Coinbase has secured a registration with the Bank of Spain, the company said in a blog post on 22 September. The exchange’s registration recognizes it as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
Going forward, Coinbase will have full liberty to offer its full range of products and services to retail and institutional users in Spain in compliance with the national legal framework. Coinbase’s move to secure the registration is in response to the increasing demand for crypto around the globe.
According to Coinbase, this increasing demand is evident from the increasing efforts to bring regulatory clarity in many jurisdictions. To this end, Coinbase is executing on Phase II of its “Go Broad, Go Deep” strategy for international expansion, and this Bank of Spain registration is a major step forward in the right direction.
With the registration, users in Spain will be able to access crypto custody services, buy or sell crypto using their local currency, as well as trade their crypto assets against other crypto assets on Coinbase. Commenting on the new development, Vice President of International and Business Development at Coinbase, Nana Murugesan said:
“We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain. Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry.”
“In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum,” he added.
Coinbase’s Expansion Plans
While many only see the challenges facing the cryptocurrency industry, Coinbase sees opportunities, inspired by “the enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services as our formula for long-term growth.”
The exchange says it is focusing on acquiring regulatory licenses in this phase 11 international expansion plan. It is also giving much attention to tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations in ”Go Deep” markets that are enacting clear rules, as Spain has done.
Spain happens to be one of the countries with clear regulations for the crypto industry, probably driven by its citizens’ interest in crypto. A research conducted by Bitnovo shows at least 29% of adults in the country believe crypto is the future of finance, and cryptocurrencies are currently the second most popular payment method, preferred over bank transfers.
It further revealed that 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, and 35.7% to make payments. What’s more? There are 178 Blockchain in Financial Services startups in Spain. In Spain, the total demand for blockchain skills has considerably exceeded projections.
MiCA Boosting Crypto Expansion
The newly introduced Markets in Crypto Assets (MiCA) legislation to regulate cryptocurrencies in Europe has received several commendations. Since it provides regulatory clarity for the industry, it is a big way to encourage crypto growth in the region.
Binance had a discussion with the European Banking Authority regarding stablecoin-specific regulations in MiCA on Thursday, and stated that the regulation is hugely favorable towards crypto.