Coinbase has successfully registered with the Bank of Spain, marking a significant stride in its international expansion strategy. Coinbase is now an authorized cryptocurrency exchange and custodian wallet provider in the country, illuminating positive prospects for Bitcoin and the cryptocurrency sector at large.

Coinbase’s registration is a part of its “Go Broad, Go Deep” strategy, aiming to deepen its roots in international territories. The company has been working persistently to secure licenses and registrations in various countries to propel the global adoption of cryptocurrencies. “Momentum for crypto is building around the world,” according to a recent post on Coinbase’s official blog.

While trading and holding cryptocurrencies is legal in Spain, they are not recognized as financial instruments under the Spanish law, making the environment largely unregulated. However, Coinbase’s registration signifies a pivotal step, not only for the company but also for Spanish users, who will now have access to an array of services such as custody of crypto assets, purchasing or selling crypto assets in legal tender, and trading of crypto assets against other crypto assets.

Nana Murugesan, the Vice President of International and Business Development at Coinbase, expressed the company’s enthusiasm over this achievement, stating, “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.” This development is the latest in a series of international advancements made by Coinbase, which include obtaining VASP registrations in Italy, Ireland, and the Netherlands, and receiving in-principle approval and launching in Singapore, Brazil, and Canada.

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