Prominent digital asset exchange Coinbase has registered with the Bank of Spain as an authorized cryptocurrency exchange and custodian wallet provider. This development comes as the American crypto trading platform continues to actively expand its footprint outside of the United States.
Coinbase Enters The Spanish Market
According to a blog post on September 22, Coinbase explains that its expansion into the Spanish market is part of Phase II of its international expansion strategy titled “Go Broad, Go Deep.”In particular, Coinbase secured an anti-money laundering (AML) license with the Spanish apex bank.
Under this registration, the American exchange can now serve as a crypto asset custodian to all Spanish citizens as well as a trading platform for cryptocurrencies with Spain’s legal tender or other crypto assets.
Spain, which is a member nation of the European Union, will be expected to adopt the MiCA regulations when it goes live in 2024. This appears to be one of the factors behind Coinbase’s foray into the nation’s crypto market.
Based on the exchange’s announcement, the MiCA regulatory framework provides much-needed clarity for cryptocurrency operations in the European Union, recognizing the vast potential of these digital assets
Spain can also be regarded as a growing crypto hub, with 29% of Spanish adults backing cryptocurrency to be the future of finance. According to a report by Bitnovo, there is a also high adoption level of digital assets in the Southern European nation, with cryptocurrencies now ranked as its second most popular payment method ahead of bank transfers.
Coinbase Global Expansion Continues Amid US Legal Battle
Commenting on Coinbase’s recent venture into Spain, the exchange’s Vice President of International and Business Development, Nana Murugesan, also commended the global upscaling in crypto regulations, which has conveniently allowed the crypto exchange to set up bases in several countries outside the US.
Aside from Spain, America’s largest exchange has acquired VASP licenses in Italy, Ireland, and the Netherlands while also obtaining an in-principle approval in Singapore. In addition, Coinbase will soon be launching in Brazil and Canada.
Recently, Fortune also reported that Coinbase has tried twice to acquire the European branch of bankrupt crypto exchange FTX, with the most recent attempt being in September 2023. However, the US-based exchange has abandoned these plans as FTX Europe has also been involved in the ongoing bankruptcy proceedings.
In other news, Coinbase remains in an embroiled legal battle with the US Securities and Exchange Commission (SEC). Back in June, the securities watchdog filed a lawsuit against the crypto exchange, accusing it of “operating an unregistered securities exchange, broken and clearing agency.”
Total crypto market valued at $1.034 trillion on the hourly chart | Source: TOTAL chart on Tradingview.com
Featured image from Pexels, chart from Tradingview