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Coinbase expands in Europe with a new license from the Bank of Spain

Coinbase obtains approval from the Bank of Spain

In a blog post on September 22, Nana Murugesan, Vice President of International and Business Development at Coinbase, described the Bank of Spain’s approval as a significant achievement. Coinbase can now expand its services to retail consumers, institutional clients and developer partners in the region, she explained.

Murugesan further stated that it is worth noting that many countries are providing much-needed clarity and guidance to the crypto industry.

The SEC crypto attack and the MiCA regulation

In June, the US Securities and Exchange Commission (SEC) filed charges against Coinbase, claiming that the exchange operated as an unregistered stock exchange, broker-dealer, and clearing agency.

This allegation arises from Coinbase’s allegedly unlawful facilitation of the purchase and sale of cryptoasset securities by combining the functions of an exchange, a broker, and a clearing agency without obtaining the necessary records required by the Commission.

However, Coinbase CEO Brian Armstrong has expressed vehement criticism of the SEC, characterizing its regulatory approach as unfair and irrational when applied to digital assets.

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Bank of Spain has registered 17 cryptocurrency companies

The Bank of Spain has already included 17 virtual asset service providers in its own registry, in which cryptocurrency exchange and custody service providers must be included in order to operate, according to Spanish law. Three startups were listed last week, but the big names in the cryptocurrency ecosystem are yet to be registered.

CryptoRegistration of the Bank of Spain reaches 17 companies

The Bank of Spain’s Virtual Asset Service Provider (VASP) registry reached 17 companies last week, with the addition of three more cryptocurrency businesses. The registry added several exchange and custody companies in June, including Jobchain Spain, Jobchain Austria, Criptan Trade, Eurocoin Broker, Lemacoin Crypto Solutions, Bitpanda and Vottun.

The registration of these companies accelerated in June, and most registered cryptocurrency exchanges are local companies that want to ensure they comply with Spanish laws. Since the bank opened its registration last year, it has added several crypto companies, starting with Bit2me, which was approved in February. The record now includes C.R. Technology and Finance, Bitcoinreport, Bit Base, Blox, Trade Republic Bank, Globalstar Technologies, Onyze Digital Assets, Bitgo Deutschland and BTC Direct Europe, in addition to the companies mentioned above.

Cryptocurrency registration is mandatory for cryptocurrency companies to operate in the country and was created in a change to a Spanish law that now requires cryptocurrency companies to follow certain guidelines to prevent money laundering and terrorist financing.

Big names still missing

While the registry has been very successful with local companies, forcing them to register their operations and implementing compliance tools for money laundering purposes, reception by major international exchanges has not been as successful. Names like Binance and other major exchanges are still off the list and are part of a list of exchanges currently in regulatory limbo.

Binance, specifically, has been named to a gray list issued by the Bank of Spain that includes cryptocurrency exchanges operating in the country. The company was recently reprimanded by the CMNV, the country’s securities regulator, which ordered Binance to stop offering cryptocurrency-related derivatives, including futures contracts, to Spanish users of its platform.