Coinbase’s Expansion Plan
Coinbase, one of the biggest cryptocurrency exchanges, has signed a service contract with the Bank of Spain. The custodial services provider informed media recently that it has registered for Anti-money laundering registration with the Bank of Spain. The firm has dubbed the new venture as part of its plan for international expansion.
With this registration, Coinbase may now extend the full range of digital currency services to commercial and individual consumers based in the Latin American nation. Registration with the Central Bank means that Coinbase is compliant with the regulatory requirements to operate in the country.
The citizens of the nation can now sign-up to access the services of the trading platform. Account holders from the region can participate in spot trading, custodial options, and trading digital currencies in legal tender among others etc.
Nana Murugesan is the VP at International Business Development at Coinbase. He expressed his enthusiasm about the new development while talking about increasing demand for digital currencies in the Latin American nation. Coinbase has continued its effort to incorporate regulatory compliance.
Coinbase Looking to Expand the Brand on an International Scale
Coinbase has managed to acquire Virtual Asset Services Provider from several nations such as Ireland, Netherlands, and Italy. At the same time, the firm has also acquired other regulatory certifications from regulators in nations such as Brazil, Canada, and Singapore.
Coinbase is rapidly growing and advancing its plans to become an international cryptocurrency trading platform. The second phase of its expansion strategy contains acquiring licenses and regulatory certifications. At the same time, the firm is also focusing on customizing its services based on local requirements.
On this front, Coinbase is also working towards creating strategic partnerships in new locations. At the same time, the platform will strengthen operations by bringing regulatory clarity. 29% of adults from Spain have talked about the future potential of cryptocurrency markets.
Many virtual currencies are used as payment method that has grown over traditional banks. Bitnovo has revealed a new study that retains that many countrymen deem digital currencies as long-term investments and medium of exchange.
Regulators from EU signed the Markets in Crypto Asset Regulations or MiCA laws. This regulatory framework is considered a positive development for the digital currency markets. While, there are many virtual currency startups that are currently thriving in Spain, there is also an increasing demand for blockchain services and related skills in the sector.
On the other hand, MiCA grants regulatory clarity that indicates the provision of the regulators from the region to harness the potential of the nascent industry. In the same manner, there are many administrative jurisdictions that are also conducting research on virtual currencies and developing legislative frameworks to apply to this sector.
Cryptocurrency exchange Binance has reported that it can delist various stablecoins from to comply with MiCA laws. This regulatory framework is regarded as the first comprehensive regulatory framework for cryptocurrencies.
European Banking Authority (EBA) officials have reported that these regulations apply to coins that are currently trading. Crypto companies and financial entities can complete the regulatory requirements under a single license.
Marina Partthisot, head of legal matters at Binance, has reported that the firm is working on delisting all stablecoin for European markets starting June 30 since these projects are yet to acquire regulatory approval.