Coinbase has recently gained approval from the bank of Spain to officially operate as a Bitcoin and digital asset exchange while also offering custodial wallet services. This exciting development allows Coinbase to expand its services in Spain and across Europe catering to both institutional clients.
In a blog post written on September 22 Nana Murugesan, Vice President of International and Business Development at Coinbase expressed her enthusiasm for this approval considering it a significant milestone. She emphasized that this endorsement enables the platform to serve a range of customers in the region including retail consumers, institutions and developers.
Murugesan also highlighted the increasing clarity and guidance provided by countries regarding cryptocurrencies. In the year alone Coinbase has made notable progress in global markets by obtaining Virtual Asset Service Provider status in Italy, Ireland and the Netherlands. They have also expanded their presence in Singapore, Brazil and recently Canada.
Regarding Coinbases approach going forward Murugesan mentioned their commitment to establishing regulatory frameworks while introducing more user friendly services that inspire confidence among users. Additionally she mentioned an achievement from 2020; Coinbases launch of a Visa debit card, in Spain that allows cryptocurrency holders to make purchases anywhere Visa is accepted.
Spains central bank recently acknowledged the discussions surrounding Coinbases potential acquisition of FTX Europe, a rapidly growing cryptocurrency exchange based in Europe.
In news the U.S. Securities and Exchange Commission (SEC) accused Coinbase in June of operating without the necessary licenses alleging that they facilitated cryptocurrency securities trades unlawfully. Coinbase CEO Brian Armstrong strongly disagreed with the SECs stance on regulations deeming it unfair.
The SECs actions have sparked conversations within the crypto community raising questions about fairness and the contrasting levels of scrutiny faced by crypto platforms compared to financial institutions.
Adding to the landscape last year the European Union introduced new regulations known as Markets in Crypto Assets (MiCA) which hold significant importance given Spains membership in the EU. These upcoming MiCA regulations are expected to provide clarity to Europes cryptocurrency industry. Might encourage wider acceptance. This shift could position Coinbase as a hub for cryptocurrency trading, in Europe serving Spain and its neighboring countries.