Coinbase Inc. (NASDAQ: COIN) recently announced it has secured an Anti-Money Laundering (AML) registration with the Bank of Spain. The move positions the crypto exchange as an official custodian wallet provider in the country.
This development, part of the company's "Go Broad, Go Deep" strategy, comes just ahead of the Benzinga's Future of Digital Assets conference on Nov. 14, which is set to discuss the evolving landscape of the crypto industry. Such milestones by industry giants like Coinbase underscore the topics of discussion anticipated at the conference, emphasizing the importance of regulatory clarity and international expansion in the digital asset domain.
Coinbase's customers in Spain will be offered a range of services, including crypto asset custody, buying or selling crypto assets in legal tender, and trading crypto assets against other cryptocurrencies.
"We are excited to support and grow our retail consumers, institutional clients, and developer partners in Spain," Nana Murugesan, Vice President of International and Business Development at Coinbase, said.
Coinbase has Virtual Asset Service Provider (VASP) registrations in Italy, Ireland, and the Netherlands.
As part of its Phase II international expansion, the company aims to acquire licenses, tailor products to local needs, and strengthen operations in markets with clear crypto regulations, like Spain.
Coinbase stated that a notable 29% of Spanish adults view cryptocurrencies as the future of finance.
Furthermore, cryptocurrencies have surpassed bank transfers, becoming the second most popular payment method in the country.
The European Union's recent adoption of the MiCA regulation marks a significant step for the crypto industry in the region.