Coinbase has received permission from the Bank of Spain as an official Bitcoin (BTC) and digital assets Exchange and custody wallet service provider.

This milestone enables Coinbase to scale a complete range of offers for both retail and enterprise users in Spain and Europe.

Coinbase Secures the Bank of Spain Approval

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

Murugesan further stated that it is worth mentioning that many countries provide much-needed clarity and direction for the crypto industry.

Over the past year, Coinbase successfully obtained Virtual Asset Service Provider (VASP) registrations. It received initial approval for release in Italy, Ireland, and the Netherlands. It commenced operations in Singapore and recently began providing its services in Canada.

According to Murugesan, Coinbase is looking at the implementation of well-defined regulations and the development of more products and services that are efficient, accessible, and easy to establish user trust through these offers as key elements of its long-term growth strategy.

He remembers in 2020, Coinbase launched a Visa Debit card in Spain that allows users to spend their cryptocurrencies at any merchant that accepts Visa card.

Coinbase’s registration with the Bank of Spain comes amid talks of Coinbase’s acquisition of FTX Europe, a cryptocurrency exchange that is gaining momentum in Europe.

SEC Cryptocurrency Attack and MiCA Regulation

In June, the US Securities and Exchange Commission (SEC) brought charges against Coinbase, confirming that the exchange operates as an unregistered securities exchange, broker, and clearing agency.

This claim stems from the alleged illegal facilities provided by Coinbase to buy and sell crypto asset securities, combining functions of an exchange, broker, and clearing agency without obtaining the necessary registrations imposed by the authority.

However, Brian Armstrong, CEO of Coinbase, expressed strong criticism of the Securities and Exchange Commission, which distinguishes its regulatory approach as unfair and unreasonable when applied to digital assets.

Actions taken by the Securities and Exchange Commission were a clear signal to cryptocurrency exchanges and have the ability to reshape a market which has, for most of the time, operated without regulatory censorship. Furthermore, the SEC’s aggressive enforcement actions against cryptocurrency companies have raised concerns about fairness and fair treatment. It is worth noting that traditional financial organizations often receive opportunities for correction and support, while cryptocurrency exchanges face instant checking.

Last year, European Union decision-makers adopted the Markets in Crypto Assets (MiCA) Regulations. This development is important because Spain is a member of the European Union.

The expected implementation of MiCA regulations across Europe is expected to bring clarity and regulatory oversight to the cryptocurrency market, potentially promoting increased adoption.

This development can position Coinbase as a hub for cryptocurrency trading within the European landscape, allowing the exchange to serve users in Spain and other European countries.