Bitstamp, a cryptocurrency exchange, has been granted a license by the Bank of Spain.
The EU-based exchange has been granted a permit to offer virtual currency exchange services for fiat currency by the country's financial regulator, making it the 46th crypto business to receive such approval in the nation.
This is great news for the crypto community! Bitstamp is one of the most popular exchanges and it's good to see that they are expanding their operations into Spain. This will make it easier for people in Europe to buy and sell cryptocurrencies.
The news about Bitstamp's Spanish license is great news for the company and for Spanish users. The approval from the Bank of Spain lets Bitstamp's local subsidiary offer virtual currency exchange services for fiat currency and electronic wallet custody services to Spanish users. Bitstamp became the 46th virtual asset provider to receive a license in Spain, following the likes of Binance and Bitpanda. This is a big win for the company and for the cryptocurrency community as a whole.
Spain's approach to crypto regulation is commendable, as it is moving at a high pace of adoption. The country's financial regulator, Comisión Nacional del Mercado de Valores (CNMV), has announced a set of rules for crypto-asset investments advertising, which are clear, balanced and fair. This is a positive step forward for Spain and will help to boost adoption of cryptocurrencies in the country.
El Salvador's Bitcoin and cryptocurrency ATMs are now the third-largest in the world, behind only the United States and Canada. With 215 ATMs in operation, El Salvador has surpassed its nearest rival, Canada, by three ATMs. This is a remarkable achievement for a country that only recently legalized Bitcoin and cryptocurrency.
In September, the multinational telecom company based in Madrid, Telefonica, enabled payments with cryptocurrencies like Bitcoin and many others on its online tech marketplace called Tu. The firm integrated a crypto payment feature provided by the Spanish crypto exchange Bit2Me to receive crypto in exchange for their tech products. This move by Telefonica is yet another sign that cryptocurrencies are becoming more mainstream. With a major company like Telefonica now accepting crypto payments, it is only a matter of time before other companies follow suit. This is good news for the crypto community, as it means that more and more people will be exposed to cryptocurrencies and their potential.
As Bitstamp continues to grow, it is increasing its compliance efforts to ensure that it meets all relevant regulations. In April, it asked users to update their records to show the origin of any cryptocurrencies stored on the platform. The exchange provided a list of examples of acceptable documents, including payslips, inheritance documents, and mining receipts. This move will help to ensure that Bitstamp remains a compliant and safe place to store and trade cryptocurrencies.
