Coinbase, a leading U.S.-based cryptocurrency exchange, has successfully registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. This registration enables Coinbase to offer its full suite of cryptocurrency products and services to both retail and institutional customers in compliance with Spain’s legal and regulatory framework.
This development aligns with Coinbase’s global expansion strategy, known as “Go Broad, Go Deep,” which focuses on acquiring local licenses and tailoring its offerings to specific markets. Coinbase’s users in Spain can now buy and sell cryptocurrencies with fiat, trade various crypto assets, and access cryptocurrency custody services through the platform.
Nana Murugesan, Coinbase’s Vice President of International and Business Development, expressed excitement about this achievement and emphasized the company’s commitment to supporting and growing its user base in Spain. Murugesan noted that Coinbase has made significant progress in obtaining registrations as a virtual assets service provider (VASP) in several countries, including Italy, Ireland, and the Netherlands. The company also received in-principle approval and is set to launch in Singapore, Brazil, and Canada.
Working closely with regulators in these jurisdictions is a fundamental aspect of Coinbase’s international growth strategy. The company seeks to navigate the complex regulatory landscape by ensuring compliance and fostering partnerships in each market. Coinbase has specifically chosen to focus on jurisdictions with clear crypto regulations, with a view to tailoring its products to meet local demands and strengthening its presence in these markets.
Coinbase highlighted the significance of the European Union’s Markets in Crypto Assets (MiCA) legislation, characterizing it as a pivotal moment for cryptocurrencies in the region. Coinbase sees this as a sign that Europe recognizes the potential of emerging technologies in the financial sector, positioning itself as a leader in providing regulatory clarity.
Additionally, Coinbase cited a growing interest in cryptocurrencies in Spain, with nearly 30% of adults considering crypto as the future of finance. Cryptocurrencies, particularly Bitcoin, have gained popularity as a payment method in Spain, surpassing traditional bank transfers. Moreover, over 60% of Spanish citizens view crypto assets as a long-term investment option.
Coinbase’s expansion into Spain signifies its commitment to serving the needs of cryptocurrency users and investors in diverse global markets while adhering to local regulations and fostering innovation in the crypto industry.