Coinbase Gets Approval From Bank of Spain
Coinbase gets a green light from Spain's bank, boosting its global position. As Spain warms up to crypto, Coinbase is set to serve its growing needs.
Coinbase, a major cryptocurrency company, has received approval from the Bank of Spain to operate as a crypto exchange and wallet provider. This move strengthens its global position after securing permissions in Italy, Ireland, the Netherlands, Singapore, Brazil, and Canada.
In Spain, Coinbase ensures it meets local regulations, adjusts its services for the Spanish audience, and creates strong local ties.
Spain is showing great enthusiasm for cryptocurrencies. Nearly 29% of Spaniards believe crypto is the financial future. More interestingly, crypto payments have jumped ahead of regular bank transfers in popularity. Most Spaniards, as per a Bitnovo survey, see crypto as a promising long-term investment, with over a third open to using it for regular spending.
Adding to this momentum, Spain boasts 178 financial startups working with blockchain, a technology underpinning cryptocurrencies. The demand for skills in this area is also growing rapidly.
The European Union's recent acceptance of the Markets in Crypto-Assets (MiCA) framework supports a clearer regulation for crypto businesses. With Coinbase's new status in Spain, it is well-placed to meet the country's growing crypto needs.
