Coinbase secures AML registration from the Bank of Spain

The Anti-Money Laundering registration will allow cryptocurrency exchange Coinbase to offer its services to retail and institutional investors in Spain.

Cryptocurrency exchange Coinbase has secured an Anti-Money Laundering (AML) compliance registration from Spain’s central bank as part of its ongoing expansion across Europe.

According to a Sept. 22 statement, the registration with the Bank of Spain now means that Spanish users will be able to retain custody of their crypto assets on Coinbase, as well as buy and sell crypto assets in euro.

This follows shortly after crypto exchange Crypto.com obtained regulatory approval in Spain. On June 23, Crypto.com announced that it had been granted a virtual asset service provider registration from the Bank of Spain. 

In October 2021, the Bank of Spain provided guidance on the steps crypto service providers can take to achieve AML compliance in the country.

The instructions specified that crypto exchanges must submit reports detailing efforts to prevent illicit activities such as money laundering and terrorism financing.

Meanwhile, recent reports indicate that Coinbase is aiming to establish a strong presence in Europe.

On Sept. 22, Cointelegraph reported that Coinbase attempted to buy defunct crypto exchange FTX Europe twice: in November 2022, when FTX filed for bankruptcy, and in September 2023.

This comes amid the European Parliamentary Research Service (EPRS) recently emphasizing the need for non-European regulators to exercise stricter oversight in the global crypto market.

As the Markets in Crypto-Assets Regulation (MiCA) Act progresses toward its December 2024 implementation deadline, an EPRS report urges the establishment of a more rigorous regulatory framework in non-EU jurisdictions.

“There are yet several channels through which the EU’s financial system and autonomy is still at risk as it remains dependent on non-EU countries’ policy actions in the context where the MiCA is applicable.”