KANALCOIN NEWS – There is a cool opportunity that Coinbase can take. The existence of Anti-Money Laundering (AML) registration opens up the opportunity for cryptocurrency exchange Coinbase to offer its services to both retail and institutional investors in Spain.
As part of its continued expansion across Europe, Coinbase has obtained Anti-Money Laundering (AML) compliance registration from the Spanish central bank.
Coinbase’s statement on September 22 that successful registration with the Bank of Spain means that Spanish users will be able to retain regulatory rights over their crypto assets on Coinbase. It is also possible to buy and sell crypto assets using Euros or other legal currencies in Spain.
“This registration will allow Coinbase to offer our full range of products and services to retail and institutional users in Spain, all in accordance with the national legal framework,” explained Coinbase.
A third of Spaniards believe that crypto is the money of the future. Where this digital money has become the second most preferred payment method in Spain, surpassing traditional bank transfers.
According to Nana Murugesan, vice president of international and business development at Coinbase, the exchange continues to strive for regulatory compliance around the world.
“In the last year alone we have secured VASP registrations in Italy, Ireland and the Netherlands, as well as approval in principle and launch in Singapore, launch in Brazil and, most recently, launch in Canada.” explained Nana Murugesan.
On June 23, Crypto.com announced that it had been granted virtual asset service provider (VASP) registration from the Bank of Spain. This comes soon after crypto exchange Crypto.com obtained regulatory approval in Spain.
In October 2021, the Bank of Spain provided instructions regarding crypto services in order to achieve Anti-Money Laundering (AML) compliance in the country. Establishes that crypto exchanges must submit reports detailing efforts to prevent illicit activities such as money laundering and terrorism financing.
According to Cointelegraph’s report on September 22, Coinbase tried to buy FTX Europe, a now-defunct crypto exchange, twice. Its first purchase application was made in November 2022 when FTX filed for bankruptcy, and then a second attempt in September 2023. The aim was none other than to show that Coinbase aims to establish a strong presence in Europe.
Or along with the European Parliamentary Research Service (EPRS) which emphasized the need for non-European regulators to carry out stricter supervision of the global crypto market.
The EPRS report urges the establishment of stricter regulatory frameworks in non-EU jurisdictions. This comes as the Markets in Crypto Assets Regulation Act (MiCA) progresses towards its December 2024 implementation deadline.
“There are still several paths that the EU financial system and autonomy can follow as it still depends on the policy actions of non-EU countries in the context of implementing MiCA.”
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