The Bitstamp cryptocurrency exchange reported obtaining a license to provide cryptocurrency services in Spain. This marks approval in another European jurisdiction for an exchange, which has focused on the European Union market since its launch in 2011.
The company revealed the news of his Spanish license on November 17. The Bank of Spain approval allows Bitstamp’s local subsidiary to offer digital currency to fiat currency conversion services and electronic wallet custody services to Spanish users. Bitstamp becomes the 46th virtual asset provider to receive a license in Spain, after Binance and Bitpanda.
Spain has recently demonstrated a moderate approach to cryptocurrency regulation, which goes hand in hand with a high rate of adoption in the country. In January, the local financial regulator, the Comisión Nacional del Mercado de Valores (CNMV), announced a set of rules for the publicity of investments in crypto assets, demanding that they be “clear, balanced and fair”.
This fall, the country became home to the third largest Bitcoin (BTC) and cryptocurrency ATM network, second only to the United States and Canada. AIt currently houses 215 cryptocurrency ATMs, displacing El Salvador -with 212- to fourth position after surpassing the country for ATMs.
In September, the Madrid-based multinational telecommunications company, Telefónica enabled payments with cryptocurrencies such as Bitcoin and many others in its online technology market called Tu. The company integrated a cryptocurrency payment function provided by Spanish cryptocurrency exchange Bit2Me to receive cryptocurrency in exchange for its technology products.
Bitstamp has increased its compliance efforts in recent years. In April, it asked users to update the origin of cryptocurrencies stored on the platform for regulatory purposes. The exchange provided an official list of examples of documents that clarify the sources of wealth related to the money from the deposited funds, including payroll and pension slips, inheritance documents, savings payrolls, gifts, mining receipts, and others.
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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.