Coinbase has continued to bolster its European operations having been registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
As a result of the move, Coinbase will offer its full suite of products and services to retail and institutional users in Spain.
Speaking on the announcement, Nana Murugesan, Vice President of International and Business Development at Coinbase, said: “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. In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil, and, most recently, launching in Canada. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum.”
The group detailed that it marks a key part of this Phase II international expansion, which is to focus on acquiring licences and registrations, tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations.
Furthermore, the expansion has been fuelled by the recent adoption of MiCA by European Union policymakers, which also represents a pivotal moment for cryptocurrencies in the region.
The regulatory clarity MiCA provides to the industry is highly welcomed, and shows that the region is recognising the potential that emerging technology can provide. The EU is stepping up to the mark, while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry.