Coinmotion obtains approval in Spain for crypto exchange and custody services
The registration of companies in the cryptocurrency operator registry of the Bank of Spain is conditional on the crypto service providers having adequate procedures for the prevention of money laundering and terrorist financing. In addition, they must meet the requirements of commercial and professional repute.
Coinmotion has obtained confirmation from the Bank of Spain as a valid provider of virtual currency exchange services for fiat currency and custody of electronic wallets with the registration number D741.
The Finland-based cryptocurrency service provider has thus reinforced its presence in the Spanish market as one of the leading cryptocurrency platforms while contributing to cryptocurrency growth in the country.
Coinmotion regulated by Finland’s FIN-FSA since 2019
Officially regulated as a cryptocurrency provider by the FIN-FSA since 2019, Coinmotion has been operating in Spain for several years, serving high net worth investors, companies and institutions.
The crypto platform allows users to buy, store and use Bitcoin, Litecoin, Ether, Stellar Lumens, XRP (Ripple), USD Coin, Uniswap, Aave, and Chainlink. Crypto transfers between users are completely free.
Founded in 2012, Coinmotion goes by a business model supported in parallel by the creation of 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 broker.
Finland has rececntly selected Coinmotion as a broker to liquidate 75 million dollars in Bitcoin from its treasury.
Coinmotion applied to license in Spain because of mandatory registration
Despite already having an EU passport through the Finnish license, Coinmotion registered with the Bank of Spain after being announced in 2021 a mandatory registration for cryptocurrency providers that wanted to offer their services in Spain.
The creation of this registry is part of the additional provision of Law 10/2010, of April 28, on the prevention of money laundering and terrorist financing.
The registration of companies in the cryptocurrency operator registry of the Bank of Spain is conditional on the crypto service providers having adequate procedures for the prevention of money laundering and terrorist financing. In addition, they must meet the requirements of commercial and professional repute.
