Coinbase has achieved a significant milestone in its international expansion efforts by registering as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
The AML license enables Coinbase to offer its complete range of cryptocurrency services to retail and institutional users in Spain while adhering to the nation’s legal framework.
Expansion
Coinbase’s success in Spain adds to its growing list of international achievements. Over the past year, the company has obtained Virtual Asset Service Provider (VASP) registrations in countries like Italy, Ireland, and the Netherlands.
It has also received in-principle approval and initiated operations in Singapore, Brazil, and Canada — illustrating its commitment to regulatory compliance and global expansion.
In Spain, as in other markets, Coinbase is focusing on securing licenses, adapting its services to local needs, forging local partnerships, and strengthening its regional presence.
Spain’s pro-crypto stance
Spain’s growing interest in cryptocurrencies is evident, with 29% of adults considering crypto as the future of finance. Cryptocurrencies have even surpassed traditional bank transfers as the country’s second most popular payment method. A survey by Bitnovo found that 60.7% of Spaniards view cryptocurrencies as a long-term investment, and 35.7% are interested in using them for payments.
Spain’s cryptocurrency ecosystem is thriving, with 178 blockchain-based startups in the financial services sector. According to the survey, demand for blockchain-related skills has exceeded expectations, reflecting the nation’s keen interest in emerging technologies.
The recent adoption of the Markets in Crypto-Assets (MiCA) framework by the European Union further solidifies the regulatory environment for cryptocurrencies in the region. MiCA provides much-needed clarity, demonstrating the EU’s commitment to harnessing the potential of emerging technology while setting a clear example for global regulatory efforts.
Coinbase’s registration with the Bank of Spain positions it to cater to the evolving needs of users in Spain. It aligns with the broader trend of increasing cryptocurrency acceptance and interest.
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