San Francisco-headquartered crypto exchange Coinbase (Nasdaq: COIN) has solidified its presence in Europe with the latest registration from the Bank of Spain. With this, Coinbase has become a cryptocurrency exchange and custodian wallet provider in Spain.
Announced last week, the registration will allow Coinbase to offer its products and services to retail and institutional users in the country. The offerings include custody of crypto assets, fiat-to-crypto trading, and crypto-to-crypto trading.
“We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients, and developer partners in Spain,” said Nana Murugesan, Vice President of International and Business Development at Coinbase.
MiCA to Shape Europe’s Crypto Regime
Several European countries have local cryptocurrency frameworks under which they are offering virtual asset service provider (VASP) registrations. These frameworks ensure that the crypto platforms are aligned with the local requirements of the countries.
Meanwhile, Europe is also moving towards a pan-European crypto licensing regime with the upcoming Markets in Crypto-Assets Regulation (MiCA), scheduled to become effective in December 2024. The EU lawmakers have already approved the crypto framework.
With MiCA in place, EU-registered crypto exchanges will be allowed to offer services across the European Economic Area (EEA), irrespective of their country of registration. MiCA will also supersede all regional crypto regimes unless the European countries amend them to align with the pan-European framework.
Countries like France and Malta have already taken steps to align their crypto regulations with MiCA.
“Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry,” added Murugesan.
Coinbase’s Strong Global Presence
Although headquartered and listed in the US, Coinbase has an extensive global presence, especially in Europe. Last year, it obtained VASP registrations in Italy, Ireland, and the Netherlands. It further obtained an in-principal approval in Singapore and launched services in Brazil and Canada.
Meanwhile, the crypto exchange recently disabled new signups in India, directing potential customers to its self-custodian wallet platform. Although Coinbase confirmed that it suspended the accounts of users not following the platform’s guidelines, it did not reveal its larger plans for the country.
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