Crypto exchange Coinbase is expanding its presence in Europe. The company started providing services to retail and institutional investors in Spain, having received a license from the country’s central bank. 

Coinbase Expands Presence in Europe

Cryptocurrency exchange Coinbase has received a license to operate in Spain, having undergone an anti-money laundering (AML) registration process with the local central bank.

The new license allows the company to provide its services to retail and institutional investors in Spain. Local users will be able to:

  • store cryptocurrency assets on the Coinbase platform;
  • buy and sell cryptocurrencies for euros;
  • exchange cryptocurrency assets on the platform.

In October 2021, Banco de España imposed several requirements on crypto services and service providers as part of AML compliance in the country, according to which crypto exchanges are required to submit detailed reports on the measures taken to prevent illegal activities.

Nana Murugesan, VP International and Business Development at Coinbase, emphasized that the exchange continues to actively pursue regulatory compliance in various countries, expanding its global presence. He also revealed that Spain is one of the priority countries for crypto business development as about a third of the country’s population believes that digital assets are the future. The company shared some interesting statistics of the cryptocurrency market in Spain:

  • Spanish people prefer crypto over bank payments;
  • over 60% of local crypto users use cryptocurrencies for long-term investments;
  • about 35% of Spanish people use digital assets for daily payments;
  • the local Web3 ecosystem has 178 blockchain startups in the financial services industry.

Coinbase representatives also praised the prospects of the new European MiCA legislation, noting its potential for the development of the regional digital asset industry.

Recently, a spokesperson for Binance said that the company would have to delist stablecoins in the EU in light of the new laws, which will come into force in June 2024.

Author: Ana Bustos García
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