Coinmotion passes satisfactory assessment by the Bank of Spain

Finnish cryptocurrency service platform Coinmotion is now officially recognised as a valid provider of fiat currency crypto exchange services by the Bank of Spain.

With its foundation first laid out in 2012, Coinmotion is no stranger to the crypto space being officially regulated by the Finnish Financial Supervisory Authority since 2019 and maintaining operations in Spain for a few years now. 

Mandatory registration with the Bank of Spain for companies wanting to offer crypto services in the country was introduced just at the end of last year as an additional measure in accordance to Spanish law preventing money laundering and terrorism financing. 

The services it provides mainly target high investment interests held by corporations, institutions, as well as individuals. Coins on offer include Bitcoin, Litecoin, Ether, USD Coin, and XRP (Ripple), with no charges taken for crypto transfers between users.

In addition, Coinmotion has also stated that its established European network of financial brokers and advisors is fully compliant with the relevant regulations on the old continent. 

With a total volume of transactions reaching €754mn in 2021 amounting for a 400% difference to the previous year, Coinmotion says it’s certain that more investments are on the way at institutional and retail level despite the volatility that the crypto market is currently experiencing.

As we move into a new year, the topic of increasing regulations in the cryptocurrency market has once again taken frontal space in the public discourse as the appetite for digital currency trading continues to heighten. The steps taken by Coinmotion to embrace regulatory framework will be widely welcomed by the growing European sector.