Coinbase gets green light from Bank of Spain

Coinbase received registration from the Bank of Spain, allowing it to operate as both a crypto exchange and wallet provider in Spain. 

The registration will allow Coinbase to offer its full suite of services, and marks yet another international move for the US-based company. 

“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry,” Nana Murugesan, a business development executive at Coinbase said, citing the company’s virtual asset service provider (VASP) registrations in Italy, Ireland and the Netherlands, plus launches in Singapore and Canada.

“Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum,” he said.

Coinbase praised Europe for “leading the way,” noting it was in the second phase of its international expansion strategy, in a Sept. 6, blog post.

“We see the enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services as our formula for long-term growth,” Murugesan wrote. 

Coinbase added that it is “committed to helping to update the global financial system and providing more economic freedom and opportunity, and won’t stand idle just because the US is.”

The US-based company told Blockworks in August that it is working with Canadian regulators to be “super active” in Canada.

With the Bank of Spain registration, customers using Coinbase can buy and sell crypto with legal tender, trade crypto, and access custody services.

The Bank of Spain granted Crypto.com VASP registration in June, a move that was seen as the EU country setting itself up as crypto-friendly ahead of the Markets in Crypto Assets (MiCA) rollout that’s expected in December 2024.

A few days after announcing Crypto.com’s registration, Spain also granted Ripio approval to operate in Spain. Ripio is a crypto exchange that also offers products such as a Web3 wallet.

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