Bitstamp, the longest-running crypto exchange, has secured its registration in Spain’s central bank.
The Luxembourg-based exchange is now able to legally provide its services to Spanish users, both for fiat currency and digital assets. The assessment of Bitstamp’s eligibility began in January when the exchange applied for the authorization.
Registration with the Bank of Spain means that Bitstamp needs to comply with anti-money laundering and counter-terrorist financing provisions. It also means that the exchange is subject to national laws regarding crypto advertising, which the National Securities Market Commission announced at the beginning of the year.
“Spain is a key territory in our global strategy to further advance virtual asset regulation and provider stability to retail investors and institutions,” Jean-Baptiste Graftieaux, Global CEO of Bitstamp, said in a statement.
This is the 50th registration Bitstamp has been granted globally, according to Graftieaux.
The European Union’s framework on regulating crypto assets and crypto exchanges will come into force in 2024 at the earliest. Once the new laws are in place, exchanges will be able to “passport” their registration, meaning that registration in one EU country will give access to the rest of the 27-state bloc. Until then, exchanges are continuing to seek registration on a national level.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.