Coinbase Secures Key AML Certification from Spain's Central Bank, Boosts European Expansion
Summary:
Coinbase, a major cryptocurrency exchange, has received Anti-Money Laundering compliance certification from Spain's central bank, marking a significant milestone in its European expansion. This enables Coinbase to offer its vast array of services to customers in Spain, in accordance to local laws. Notably, the exchange highlighted digital assets' increased popularity in Spain, with crypto now surpassing traditional bank transfers as a preferred payment method. Recent moves indicate Coinbase's pursuit of a stronger European presence, including attempts to acquire the now-defunct FTX exchange.
Coinbase, a leading cryptocurrency exchange, has obtained an Anti-Money Laundering (AML) compliance certification from the Central Bank of Spain, marking a significant step in its European expansion strategy. The announcement made on Sept. 22 confirmed that this authorization allows Spanish users to maintain ownership of their digital assets, while also facilitating the purchase and sale of cryptocurrencies using the Euro, Spain's official currency. "The certification enables Coinbase to offer its comprehensive array of products and services to both individual and institutional clients in Spain, in accordance with local legal regulations." The exchange pointed out that digital assets have garnered a favourable perception among approximately a third of the Spanish population, saying "29% of Spain's adult demographic see cryptocurrencies as the future of finance." The report further stated that in Spain, cryptocurrency is now more preferred as a method of payment than traditional bank transfers. Nana Murugesan, Vice President of International and Business Development at Coinbase, said the firm is constantly working to ensure compliance with global regulatory norms. "Over the past year, we've secured Virtual Asset Service Provider (VASP) certifications in Italy, Ireland, and the Netherlands, received preliminary approval in Singapore, begun operations in Brazil, and most recently, launched in Canada.” According to recent indicators, Coinbase is looking to solidify its foothold in the European market. On September 22, it was reported by Cointelegraph that Coinbase had twice attempted to acquire FTX, a now-defunct cryptocurrency exchange; first in November 2022 following FTX's bankruptcy declaration, and again in September 2023. This development follows the European Parliamentary Research Service (EPRS) urging non-European regulators to implement stricter supervision aimed at encouraging stability and growth in the worldwide crypto market. As the deadline for implementing the Markets in Crypto-Assets Regulation (MiCA) Act looms in December 2024, an EPRS document stresses the need for non-EU regions to establish more stringent regulatory conditions. “It remains a concern that the EU's financial system and autonomy are still susceptible to the policies of non-EU nations, particularly in contexts where MiCA applies.
Published At
9/24/2023 12:58:28 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.