Top US digital asset exchange Coinbase has successfully registered as a provider of cryptocurrency exchanges and custodial wallets with the Bank of Spain.
Coinbase says in a new announcement that the registration will allow the company to offer its full range of products within the regulations to retail and institutional users in Spain.
Spanish users will now be able to access Coinbase’s custody services, buy and sell digital assets with fiat currency and trade crypto against other cryptocurrencies, as per the announcement.
Nana Murugesan, vice president of international and business development at Coinbase, said coordinating with regulators outside the US is part of the company’s main strategy.
“Most of the world is stepping up and providing clarity and guidance for the crypto industry. In the past year alone, we have achieved VASP (virtual asset service provider) registrations in Italy, Ireland and the Netherlands, as well as in-principle approval and launch in Singapore, launch in Brazil and, most recently, launch in Canada. Working with regulators in these jurisdictions is a fundamental step in our strategy to grow internationally and continue our momentum.”
While Coinbase appears to be growing in other parts of the world, the crypto exchange is fighting for regulatory clarity in the US. Coinbase CEO Brian Armstrong recently said that US-based crypto companies face an “unfair” regulatory environment.
According to Armstrong, certain members of the government are making it difficult for the crypto industry to thrive.
“It turns out that this year we have of course had to turn our attention to the policy side, as many of you have done. It’s really an unfair environment that we’re in right now, where every startup in the space is just getting hit with a subpoena [or] a Wells message.
There is currently a very concerted, focused effort to contain and destroy this industry. Specifically, I think the two actors I’ve seen who are most responsible for this are probably the Chairman of the SEC (US Securities and Exchange Commission), Gary Gensler, and [Senator] Elizabeth Warren.”
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