Coinbase, the largest cryptocurrency exchange based in the United States in terms of trading volume, has registered with the Bank of Spain as a cryptocurrency exchange and custodian provider. This allows Coinbase to offer all of its products and services to retail and institutional users in Spain in compliance with Spain’s legal frameworks.
In recent times, tensions between financial regulators and crypto companies have increased significantly, largely due to the actions taken by the U.S. Securities and Exchange Commission (SEC). Numerous crypto companies, including Binance, Coinbase, and Ripple, have faced scrutiny from U.S. regulators.
Companies dissatisfied with the regulatory uncertainty and the SEC’s stance on crypto regulations in the United States have decided to expand their operations in some countries outside the U.S. Ripple CEO Brad Garlinghouse has repeatedly addressed this issue in recent weeks, stating that the company will expand its activities in countries with a broader regulatory framework, such as the United Kingdom and the United Arab Emirates.
Digital asset company Galaxy Digital has also taken a significant step in this context during the week. The global sales manager of Galaxy Digital, who is responsible for all operational activities of the company in Europe, is accelerating efforts to expand operations in Europe.
Coinbase, the largest cryptocurrency exchange based in the United States in terms of trading volume, announced that it has obtained regulatory approval in Spain through a new blog post shared on its official website. Coinbase has registered with the Bank of Spain as a cryptocurrency exchange and custodian provider.
With its registration with the Bank of Spain, Coinbase can now offer all of its products and services to retail and institutional users in Spain in compliance with Spain’s legal frameworks. Coinbase emphasized in its announcement that it will continue to expand its operations globally.
Coinbase referred to the recent acceptance of MiCa in the European Union, considering it a critical development for the crypto industry. The exchange highlighted the importance of regulatory clarity in its announcement.
Additionally, Coinbase referenced a recent study conducted by a company named Bitnovo. The study showed that 60.7% of Spanish citizens were motivated to purchase cryptocurrencies for long-term investments, while 35.7% were motivated to make payments. Coinbase also pointed out that there are 178 Blockchain startups operating in the Financial Services sector in Spain.