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Coinbase announced it registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
Cryptocurrency exchange Coinbase announced on Friday it received registration with the Bank of Spain to act as a crypto exchange and custodian wallet provider. The exchange’s registration with the Bank allows it to offer a range of products and services to both retail and institutional customers in Spain in compliance with the national legal framework.
Coinbase Secures Its Position in Spain’s Burgeoning Crypto Sector
In a blog post, Coinbase revealed it moved one step closer to the “Go Broad, Go Deep” strategy for international expansion by obtaining registration as a crypto exchange and custodian wallet provider with the Bank of Spain.
The exchange explained that its Spanish users will have access to services such as custody of crypto assets, buying and selling crypto assets in legal tender, and trading crypto assets against other crypto assets.
Nana Murugensan, Vice President of International and Business Development at Coinbase, commented on the announcement:
“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 exchange has developed a plan to observe long-term growth. It regards the “enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services” as key to achieving its goals.
Coinbase is currently in Phase II international expansion and states that it would focus on “acquiring licenses and registrations, tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations in ”Go Deep” markets that are enacting clear rules, as Spain has done.”
Coinbase Welcomes MiCA
In its announcement, the exchange discusses the importance of the EU’s recent adoption of the Markets in Crypto Assets (MiCA) Bill. Coinbase views the regulatory clarity provided by the bill as a “pivotal moment for cryptocurrencies in the region” and values the region’s recognition of the potential digital assets offer.
Interest in FTX Europe
It recently became known that Coinbase had an interest in acquiring FTX’s European entity following the now-defunct exchange’s bankruptcy filing.
Despite talks never realising, Coinbase’s interest in FTX’s European entity signalled the exchange’s push into the derivatives market in an effort to further its global expansion.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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