Coinbase (COIN) Entered Into Bank of Spain's Crypto Registry

Crypto exchange Coinbase (COIN) has registered with the central bank of Spain to provide exchange and custody services in the country, the company announced Monday.

Registration with the Bank of Spain is a mandatory step to offering crypto-related services, and registered firms have to comply with the country's anti-money laundering standards.

While the country does not have a licensing regime for crypto firms yet, Spain will be required to implement one under the European Union's recently finalized MiCA regulation for crypto issuers and service providers set to take effect in 2024.

"The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognizing the potential that emerging technology can provide," the company said in Monday's announcement.

Coinbase joins companies like Crypto.com and Bitstamp in registering with the Spanish regulator.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Consensus

31

06

52

40

Coinbase Successfully Registers With Spain's Central Bank

The registration compels the firm to comply with the country's anti-money laundering standards.

10 Years of Decentralizing the Future