The Bank of Spain Grants Bitstamp a Crypto License
Crypto exchange Bitstamp, which launched in 2011, has received a license in yet another European jurisdiction for running crypto operations. The exchange will now be able to carry out all of its operations throughout the Spanish market in compliance with the AML and CFT regulations. It has also committed to comply with the new advertising requirements in relation to digital assets under the new regulations.
Jean-Baptiste Graftieaux, Bitstamp's CEO, says it is the 50th license the exchange has received. A number of crypto businesses have recently registered their businesses in Spain as required by recently revised crypto asset regulations, including Bitstamp, which is the 46th to receive this license.
Binance, which is a crypto service provider that was approved by regulators in July, was also awarded a license to distribute its products and services in the country.
“Spain is a key territory in our global strategy to further advance virtual asset regulation and provider stability to retail investors and institutions,” the exchange said.
Spain keeps an open-minded attitude toward digital asset platforms despite not considering cryptocurrencies as legal tender. As a result, the country has a high adoption rate of the technology.
CNMV, the local financial regulator, announced a set of rules in January for crypto-asset investments. This fall, the country was ranked third after the United States and Canada in terms of Bitcoin and cryptocurrency ATM networks.
Madrid has introduced new regulations for digital currency transactions, including tougher KYC requirements, as part of its efforts to police crypto activities, which coincided with the new license. The Spanish authorities have banned anonymous cryptocurrency accounts to prevent cryptocurrency transactions from being anonymous.
CBW - External Analyst