Coinbase, a leading cryptocurrency exchange, has solidified its position in Spain by obtaining an Anti-Money Laundering (AML) registration from the Bank of Spain. The company announced this development at the European Blockchain Convention held in Barcelona. "Our foothold in Spain comes as part of a series of developments across Europe," said Coinbase.

A report from Coinbase notes that Spain holds significant potential for the crypto exchange due to the high interest among Spaniards in cryptocurrencies. Cryptocurrencies now exceed bank transfers as the country's second most favoured payment method. Over 60% of Spaniards are willing to invest in cryptocurrencies long term, while over 35% actively use them for transactions. Furthermore, more than 53% use cryptocurrencies for savings, 42% for investments or trading and 10% for remittances.

Coinbase is shaping its long-term growth strategy around the establishment of clear regulatory guidelines and developing user-friendly and efficient products and services to build user trust. As part of its Phase II international expansion, Coinbase focuses on acquiring licenses and registrations, customizing local product experiences according to specific needs, forging local partnerships and reinforcing operations in markets with established regulatory frameworks like Spain. Research by Bitnovo shows that almost one-third of Spanish adults see cryptocurrencies as the future of finance.

Spain is planning to hasten the enforcement of the European Union's crypto law—MiCA—by six months according to a Microsoft article. This might impact already registered crypto firms such as Binance, Kraken and Coinbase. The application process, set initially for new license applicants, was supposed to be implemented by late next year, but companies already operating under national regulations have an 18-month grace period before they must comply. Spanish regulators aim for implementation by December 2025, which is six months earlier than required by MiCA, in order to establish a more predictable and stable regulatory framework.