Coinbase, the renowned crypto exchange, has achieved a significant milestone in its global expansion. The Bank of Spain officially recognized and approved Coinbase as a cryptocurrency exchange and custodial wallet provider. This move is a part of Coinbase’s ambitious “Go Broad, Go Deep” strategy for international growth, specifically targeting Phase II in Spain.
Moreover, on September 23rd, Coinbase shared this development through a blog post. Consequently, the crypto giant can now cater to individual customers and large enterprises in Spain. This approval paves the way for users to exchange cryptocurrencies for fiat money, buy and sell cryptocurrencies, and even use one cryptocurrency as collateral against another.
Nana Murugesan, Coinbase’s VP of International and Business Development, expressed her enthusiasm. She stated, “We are elated to announce our official registration with the Bank of Spain. The global community is increasingly supporting the cryptocurrency industry.”
Additionally, a survey by Bitnovo highlighted the growing popularity of cryptocurrency in Spain. Significantly, it revealed that cryptocurrency is the country’s second most preferred payment method. An impressive 61.3% of Spaniards are inclined to invest in cryptocurrency, and 35% would consider it for purchases.
However, Spain is one of many European nations where Coinbase has made its mark. The company is also registered as a VASP in the Netherlands, Italy, and Ireland. Besides Europe, Coinbase has been making strides in other parts of the world. Coinbase’s business model has received initial approval in Canada, Singapore, and Brazil.
In the broader context of the European Union, the MiCA stands out as a pivotal moment for the crypto sector. The industry values the regulatory clarity that MiCA provides. Hence, the potential of this innovative technology is gaining acknowledgment from lawmakers.
The company is contemplating the acquisition of FTX Europe to bolster its derivatives business on the continent. Moreover, the shifting regulatory landscape in the United States has prompted other industry giants like Ripple and Galaxy Digital to consider expanding Europe. Mike Novogratz’s Galaxy Digital recently unveiled plans to broaden its European operations. Additionally, Ripple’s CEO, Brad Garlinghouse, has shared plans for recruitment in Europe.
However, back in the United States, Coinbase finds itself in a tussle with the Securities and Exchange Commission over crypto regulations and clarity.
