Coinbase Gains Regulatory Approval from Spain's Central Bank
Coinbase, a prominent cryptocurrency exchange, has taken a significant step by registering with the central bank of Spain. This move allows Coinbase to offer exchange and custody services within the country, aligning with the mandatory regulatory requirements. By registering with the Bank of Spain, Coinbase commits to upholding Spain's stringent anti-money laundering standards.
While Spain currently lacks a specific licensing framework for crypto enterprises, it is obliged to establish one in accordance with the forthcoming MiCA regulation set by the European Union. This regulation, slated to come into effect in 2024, will govern crypto issuers and service providers.
Coinbase expressed its appreciation for the regulatory clarity provided by MiCA, emphasizing the acknowledgment of the potential that emerging technologies hold. This move puts Coinbase in the company of other registered entities in Spain, including Crypto.com and Bitstamp, who have also taken steps to align with Spanish regulatory standards.
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