Cryptocurrency exchange Coinbase has obtained Anti-Money Laundering (AML) compliance registration from Spain’s central bank. According to a statement released on September 22, this registration allows Spanish users to securely store their crypto assets on Coinbase while also enabling them to buy and sell crypto assets in euros.
“This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework,” the statement noted.
It highlighted the growing positive sentiment toward digital assets in Spain, with nearly 29% of adults expressing confidence in the future of cryptocurrencies. Furthermore, the statement pointed out that crypto has now become the second most favored payment method in Spain, surpassing traditional bank transfers.
Nana Murugesan, Vice President of International and Business Development at Coinbase, emphasized the exchange’s commitment to regulatory compliance worldwide. He mentioned, “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.”
In October 2021, the Bank of Spain issued guidance outlining the steps that crypto service providers need to take to achieve AML compliance in the country, requiring crypto exchanges to submit reports on their efforts to prevent illicit activities like money laundering and terrorism financing.
