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Coinbase Obtains Bank of Spain Registration in Spain

TLDR: Coinbase has registered as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. This registration will allow Coinbase to offer our full suite of products and services to retail and institutional users in Spain, all in compliance with the national legal framework.

By Nana Murugesan, Daniel Seifert


, September 22, 2023

, 3min read time

Screenshot 2023-09-22 at 3.20.42 PM

Hola España!

As discussed in our recent blog post, momentum for crypto is building around the world, and Coinbase is executing on Phase II of our “Go Broad, Go Deep” strategy for international expansion. Today, we’re able to announce another key milestone in this journey: securing AML registration with the Bank of Spain as a cryptocurrency exchange and custodian wallet provider. 

Users in Spain will now have access to the following services:

  • Custody of crypto assets;

  • Buying or selling crypto assets in legal tender;

  • The trading of crypto assets against other crypto assets;

Speaking on the announcement, Nana Murugesan, Vice President of International and Business Development at Coinbase, said; “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. Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry. In the last year alone we have obtained VASP registrations in Italy, Ireland, and the Netherlands, as well as in-principle approval and launching in Singapore, launching in Brazil,  and, most recently, launching in Canada. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum.”

As discussed earlier this month, Coinbase sees the enactment of clear rules; innovation of more efficient, more accessible products and services; and user trust created through these products and services as our formula for long-term growth. A key part of this Phase II international expansion is to focus on acquiring licenses and registrations, tailoring the local product experience for local needs, establishing local partnerships and strengthening local operations in ”Go Deep” markets that are enacting clear rules, as Spain has done. 

  • 29% of adults in Spain believe crypto is the future of finance.

  • Cryptocurrencies are now the second most popular payment method in Spain, overtaking bank transfers.

  • The research by Bitnovo showed that 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, and 35.7% to make payments.

  • There are 178 Blockchain in Financial Services startups in Spain.

  • In Spain, the total demand for blockchain skills has considerably exceeded projections.

The recent adoption of MiCA by European Union policymakers also represents a pivotal moment for cryptocurrencies in the region. The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognising the potential that emerging technology can provide. The EU is stepping up to the mark, while other notable jurisdictions are struggling to provide a solid, cohesive regulatory framework that gives clarity to a burgeoning innovative industry.

About Coinbase

Coinbase is building the crypto economy – a more fair, accessible, efficient, and transparent financial system enabled by crypto. The company started in 2012 with the radical idea that anyone, anywhere, should be able to easily and securely send and receive Bitcoin. Today, Coinbase offers a trusted and easy-to-use platform for accessing the broader crypto economy.

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Nana Murugesan

About Nana Murugesan

Nana Murugesan is the Vice President of International and Business Development at Coinbase where he leads the company’s international operations and global partnerships. Previously, he was the Managing Director of International Markets at Snap Inc. where he led Snapchat’s international expansion and strategic partnerships.

Earlier in his career, Nana was the Vice President and General Manager at Samsung, where he served in a number of strategy, partnerships, and operations roles to launch and grow their Galaxy smartphone and services business, notably Samsung Pay. He also held product roles at Cisco and strategy consulting roles at BCG.

Nana received his BE in Engineering from the University of Madras, MS in Engineering from the University of Wisconsin-Madison and MBA from The Wharton School at the University of Pennsylvania.