Crypto Exchange Coinbase Expands Services in Spain With Regulatory Greenlight

Coinbase, a major player in the crypto exchange world, has secured a registration with the Bank of Spain as a cryptocurrency exchange and custodian wallet provider. This move allows Coinbase to bolster its presence in Spain by offering its complete range of products and services to both individual and institutional users.

Nana Murugesan, who serves as Vice President of International and Business Development at Coinbase, stated:

“We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain. Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry.”

With this registration in place, Spanish users will enjoy a wider array of services. They can securely store their crypto assets, engage in fiat-to-crypto transactions, and even trade one cryptocurrency for another.

Spain’s enthusiasm for cryptocurrency is evident. A study by Bitnovo highlighted that 60.7% of the Spanish population sees cryptocurrencies as a viable long-term investment, while 35.7% would consider them for making payments. Cryptocurrency payments are increasingly popular, becoming the second most common payment method in Spain.

Coinbase isn’t new to international expansions. The past year saw them obtain VASP registrations in countries like Italy, Ireland, and the Netherlands. They’ve also made strides in Singapore, Brazil, and recently Canada.

The MiCA’s introduction in the EU is a game-changer for the regional crypto industry. The clarity it brings is seen positively, signaling that policymakers acknowledge the potential of this nascent technology.

In addition to this, there’s buzzing chatter about Coinbase’s plans to acquire FTX Europe. If this materializes, it could significantly enhance Coinbase’s derivatives business footprint in Europe.