The registration is a key milestone in Coinbase’s global expansion plans, particularly in light of SEC hostility.
American crypto exchange Coinbase (NASDAQ: COIN) has furthered its global expansion plans, registering as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain.
The registration is a key milestone in the exchange’s “Go Broad, Go Deep” strategy for international expansion.
The company highlighted that in Spain, demand for blockchain and cryptocurrencies is higher than many expected. One third of adults believe that crypto is the future of finance, and crypto transactions are now the second most popular payment method in Spain, overtaking bank transfers.
The new license enables Spain-based users to buy and sell crypto assets via Coinbase, and to trade crypto assets against other crypto assets.
It also gives users in Spain access to Coinbase as a custodian of their crypto assets.
Commenting on the announcement, Nana Murugesan, Vice President of International and Business Development at Coinbase, said; “We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain.”
He added that “most of the world is stepping up to the plate” in providing clarity and guidance for crypto companies – a subtle jibe at Coinbase’s ongoing battle with the US Securities and Exchange Commission (SEC).
Coinbase CEO Brian Armstrong has warned on several occasions that a lack of regulatory clarity will drive US crypto providers offshore.
As an exchange, Coinbase appears to be excelling in its international expansion. In the past year, the exchange has obtained VASP registrations in Italy, Ireland and the Netherlands. It has also secured an in-principle approval and launching in Singapore, and has launched in both Brazil and Canada.
“Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum,” Murugesan said.
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