Coinbase Expands Operations in the EU with New Registration Documents
Discover how Coinbase, the largest US cryptocurrency exchange, expands its operations in the EU by obtaining registration documents from the Bank of Spain. Learn about the new virtual asset services they can now offer and the significance of this milestone.
Posted 2 months ago in Blockchain
Amid the increasing anti-crypto regulations in the United States and United Kingdom, Coinbase, the largest cryptocurrency exchange in the US, is securing its operations overseas by obtaining new registration documents.
The company has recently announced its registration as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain, solidifying its presence in the European Union.
This latest achievement allows Coinbase to offer a range of virtual asset services in Spain, including custody and trading of cryptocurrency assets, as well as buying or selling crypto assets using legal tender.
Nana Murugesan, VP of International and Business Development at Coinbase, expressed excitement over this milestone and highlighted the importance of the Spanish market for the platform's expansion efforts in the region.
Coinbase has been actively pursuing regulatory licenses in different jurisdictions to ensure compliance and foster growth.
In addition to the recent registration in Spain, the company has obtained VASP (Virtual Asset Service Provider) licenses in Italy, Ireland, the Netherlands, and Singapore. It has also expanded its services to Canada and Brazil.
However, despite these positive developments, Coinbase's stocks have been experiencing a decline, currently trading at a three-month low on NASDAQ.
Obtaining a license within the European Union is crucial for centralized cryptocurrency services as stricter regulations are being enforced.
Platforms like Coinbase are seeking alternative jurisdictions that offer more favorable conditions. For example, Coinbase established a new business entity regulated by the Bermuda Monetary Authority to cater exclusively to non-US clients.
The recent regulations imposed by the UK Financial Conduct Authority (FCA) have also led to exchanges like Bybit, a major derivatives exchange, ceasing operations in the UK market.
Such actions highlight the growing trend of exchanges relocating to jurisdictions with clearer and more supportive regulatory frameworks.
Last updated 9/23/2023, 7:46:20 PM
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