The cryptocurrency trader Coinmotion, originating in Finland, has obtained the go-ahead from the Bank of Spain to register in its registry of service providers for exchanging virtual currency for fiduciary currency and custody of electronic wallets with number D741. This was reported by Coinmotion on its website.
This fact could make Coinmotion gain a foothold in the Spanish market and make it one of the national cryptocurrency platforms. This also supposes the contribution to the crypto growth in the country. Being regulated by a more demanding financial authority such as the FIN-FSA, the company must keep customer funds separate from company funds. In this way, the end user would have greater protection and guarantees than in other countries.
The Finnish company, which has been operating in Spain for years, is aimed at investors with high net worth or capital, companies and institutions. On its platform you can buy, store and use different cryptocurrencies. Currently Bitcoin, Litecoin, Ether, Stellar Lumens, XRP (Ripple), USD Coin, Uniswap, Aave and Chainlink are available, among others.
From Coinmotion they assure that: “The business model is supported in parallel by the creation of a network of professionals, companies or freelancers, with experience in the financial sector and training in crypto assets, who wish to facilitate investment in crypto assets for their clients, hand in hand with a regulated broker. European and safe”.
Despite the volatility that exists due to the current crypto situation and geopolitical conflicts, Coinmotion anticipates that there could be an increase in investments in cryptocurrencies at an institutional and retail level, which would allow the company to continue consolidating its business model.
Among the milestones reached by Coinmotion, it stands out that Finland has chosen it as a broker to liquidate 75 million dollars in Bitcoin from its treasury. In addition to that, the company claims that: “already has a network of partners in Spain to encourage and promote the growth of the crypto ecosystem through independent advisors, companies and individuals”.
Emergence of the Bank of Spain’s cryptocurrency registry
At the end of the year 2021 The Bank of Spain enabled mandatory registration for cryptocurrency providers that offered their services in Spain. The creation of said registry is part of the additional provision of Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing.
The registration of companies in the register of “cryptocurrency trader” of the Bank of Spain is conditioned to the fact that the crypto service providers have adequate procedures and bodies for the prevention of money laundering and terrorist financing. In addition, they must meet the requirements of commercial and professional repute.
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.