Coinbase secured authorization from the Bank of Spain as an official Bitcoin (BTC) and digital assets exchange and custodial wallet service provider.
This milestone empowers Coinbase to extend its complete range of offerings to both retail and institutional users in Spain and Europe.
In a Sept. 22 blog post, Nana Murugesan, the Vice President of International and Business Development at Coinbase, described the Bank of Spain’s approval as a significant achievement. Coinbase can now expand its services for retail consumers, institutional clients, and developer partners in the region, she explained.
Murugesan further stated that It’s noteworthy that many countries are providing much-needed clarity and guidance for the crypto industry.
Over the past year, Coinbase has successfully obtained Virtual Asset Service Provider (VASP) registrations in Italy, Ireland, and the Netherlands, received in-principle approval for launching in Singapore, initiated operations in Brazil, and, most recently, started offering its services in Canada.
According to Murugesan, Coinbase views the implementation of well-defined regulations, the development of more efficient and accessible products and services, and the establishment of user trust through these offerings as the core elements of its long-term growth strategy.
Recall in 2020, Coinbase launched a Visa debit card in Spain that allows users to spend their cryptocurrency at any merchant that accepts the Visa card.
Coinbase’s registration with the Bank of Spain comes amid talks of Coinbase’s acquisition of FTX Europe, a cryptocurrency exchange that has been gaining traction in Europe.