Crypto exchange Coinbase (COIN) has registered with the central bank of Spain to provide exchange and custody services in the country, the company announced Monday.
Registration with the Bank of Spain is a mandatory step to offering crypto-related services, and registered firms have to comply with the country’s anti-money laundering standards.
While the country does not have a licensing regime for crypto firms yet, Spain will be required to implement one under the European Union’s recently finalized MiCA regulation for crypto issuers and service providers set to take effect in 2024.
“The regulatory clarity MiCA provides to the industry is hugely welcome, and shows that the region is recognizing the potential that emerging technology can provide,” the company said in Monday’s announcement.
Coinbase joins companies like Crypto.com and Bitstamp in registering with the Spanish regulator.