Crypto exchange platform, Bitstamp has continued to set a pace for the industry as it secures another license for the Spanish market. The exchange just got approval from Spain’s central bank, the Bank of Spain as a registered crypto asset service provider in the country.
The announcement was made on November 17 by the exchange and reported by The Block. According to the release, SCB will allow Bitstamp to offer all of its services to residents of Spain.
In addition, Bitstamp will legally offer crypto asset exchange services for both fiat currency and digital currency in the country in compliance with the requirements of its central bank’s anti-money laundering and counter-terrorist financing (AML/CTF) rules.
Meanwhile, earlier this year, the government agency responsible for the financial regulations of the securities markets in Spain CMNV released a circular defining the new rules. The rules contain the content and format for the advertising of crypto-assets for investment purposes. Therefore, with the regulation, Bitstamp is subject to national laws regarding crypto advertising.
However, the importance of crypto regulations can not be over-emphasized. Amidst the rise in illicit uses of crypto, regulations like this will be the only saving grace for the space.
Jean-Baptiste Graftieaux, CEO of Bitstamp globally said the regulation with Spain will help the exchange further advance virtual asset regulation. Similarly, the firm aim to provide maximum stability to retail organizations and investors.
Bitstamp Expansion Amidst all odds
The well-respected cryptocurrency exchange has a presence in numerous locations and provides cryptocurrency trading solutions to clients located across the globe.
The Luxembourg-based exchange in July announced its registration in Italy as a virtual assets service provider (VASP). The registration which was with the Italian anti-money laundering (AML) watchdog, Organismo Agenti e Mediatori (OAM) allows the full right to operate in the region as a cryptocurrency exchange.
Despite the uncommon feat in the crypto space, Bitstamp in August celebrated 11 years of operation. Interestingly, it was the first-ever crypto exchange to secure a European payment license and at the time it did, crypto was still a business that not so many wanted to delve into.