- Coinbase is now operational in Spain.
- Their new license will allow users to buy and sell cryptocurrencies.
Coinbase is trying to take the word of cryptocurrencies around the world. So, they are doing this by getting licenses and providing their services in different countries. Spain is their latest country of registration.
Coinbase Secures Operational License in Spain
- Coinbase will take its operations to a new level after securing a new operational license in Spain. So, this crypto exchange made a blog post explaining how this new development will affect their services.
- According to them, they completed the registration to function as a cryptocurrency exchange and custodian wallet provider with the Bank of Spain. So, the implication of this is that this crypto exchange can now offer its full suite of products and services to retail and institutional users in Spain. However, they must stay within the national legal framework for the crypto industry.
What Does This New Development Mean for Coinbase Spain Users?
- This new development is excellent news for crypto enthusiasts in Spain, as it will open a lot of opportunities. So, with this new development, they will get access to all kinds of crypto-related products and services.
- The first thing they will get is that it is now legally possible for them to own cryptocurrencies in the country. So, Coinbase has their own hot wallet where they can store their cryptocurrencies. Note that it is much better now to store large amounts of crypto in exchanges to avoid loss.
- The second thing crypto enthusiasts will get firm about this new development is that they get to buy and sell cryptocurrencies. So, the foremost thing Coinbase does is that it provides a platform for the buying and selling of cryptocurrencies. With this new license, Spain users can now legally trade Bitcoin, Ethereum, and many other cryptocurrencies.
- The last perk of this new license is that users get to trade other crypto-related assets. Cryptocurrencies aren’t the only form of assets. So, things like non-fungible tokens (NFTs) are now legal on Coinbase.
The State of the Crypto Industry in Spain
- Now that Coinbase has its license, it is important to discuss the state of the crypto industry in the country. So, according to data, 29% of adults in Spain believe crypto is the future of finance.
- Many of those who buy cryptocurrencies in this country do so as a long-term investment. So, around 60.7% of Spanish citizens buy cryptocurrencies for long-term investments and 35.7% to make payments.
- Another thing about the state of the crypto industry in Spain is that there are a lot of crypto startups in the country. So, there are around 178 Blockchain Financial Services startups in Spain.
Conclusion
One of the biggest crypto exchanges in America, Coinbase now has an operational license in Spain. So, this new license will allow them to provide a wide range of services. Users in Spain can now buy and sell cryptocurrencies legally in the country.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
