Coinmotion achieves registration as a crypto operator in Spain
By Gloria Methri
Coinmotion, the Finland-based cryptocurrency service provider, has obtained registration from the Bank of Spain as a valid provider of virtual currency exchange services for fiat currency and custody of electronic wallets. With this, Coinmotion reinforces its presence in the Spanish market.
Founded in 2012, the company is officially regulated as a cryptocurrency provider by the FIN-FSA since 2019. Coinmotion has been operating in Spain for several years and is aimed at investors with a high net worth of capital, companies, and institutions.
Its platform lets users buy, store, and use different cryptocurrencies quickly and safely. Bitcoin, Litecoin, Ether, Stellar Lumens, XRP (Ripple), USD Coin, Uniswap, Aave, and Chainlink are some of the digital currencies available. In addition, having a Coinmotion account and making crypto transfers between users is completely free.
It has also created a network of professionals, companies, or freelancers, with experience in the financial sector and training in crypto assets, who want to offer investment in crypto assets for their clients via a European-regulated and safe broker.
Despite the volatility that exists due to the current crypto situation and geopolitical conflicts, Coinmotion anticipates an increase in investments in cryptocurrencies at an institutional and retail level, which will allow the company to continue strengthening its business model.
The company already has a network of Spain partners to encourage and promote the growth of the crypto ecosystem through independent advisors, companies, and individuals.
In 2021, the Bank of Spain mandated registration for cryptocurrency providers that wanted to offer their services in Spain. The registration of companies is conditional on the crypto service providers having adequate procedures for the prevention of money laundering and terrorist financing. They must also meet the requirements of commercial and professional repute.
IBSi Daily News Analysis
February 28, 2024
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