Leading US cryptocurrency exchange, Coinbase has officially attained registration as a crypto exchange and custodial wallet provider with the Bank of Spain. With this approval, Coinbase is positioned to roll out its comprehensive suite of services to both retail and institutional clientele in Spain in compliance with regulations.
Coinbase’s announcement indicates that Spanish customers can now leverage the platform’s custody solutions, engage in fiat-to-crypto transactions, and conduct crypto-to-crypto trades.
Highlighting the significance of global collaboration with regulatory authorities, Nana Murugesan, Coinbase’s Vice President of International and Business Development, emphasized the company’s deliberate intent to integrate with regulatory frameworks across various regions. He stated, “Over the past year, we’ve achieved VASP registrations in Italy, Ireland, and the Netherlands. Additionally, we have received in-principle nods and initiated operations in nations like Singapore, Brazil, Canada, and now Spain. Collaborating with regulators in these territories is pivotal for our international growth and maintaining our momentum.”
In contrast to its expanding global footprint, Coinbase has voiced concerns over regulatory challenges in its home country, the US. Brian Armstrong, CEO of Coinbase, expressed his dissatisfaction with the perceived “unfair” regulatory landscape crypto companies are grappling with in the United States.
Armstrong contended that certain US government members seem intent on stifling the burgeoning crypto industry. He remarked, “There appears to be a concentrated effort currently underway to hamper and potentially dismantle this sector. Specifically, I believe the SEC Chair, Gary Gensler, and Senator Elizabeth Warren are primarily driving these adversarial stances against the crypto ecosystem.”