Coinmotion Gains Approval in Spain for Crypto Exchange and Custody Services

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The registration of companies in the register of cryptocurrency operators of the Bank of Spain is subject to the condition that the providers of crypto services have adequate procedures for the prevention of money laundering and the financing of terrorism. In addition, they must meet the requirements of commercial and professional good 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 registration number D741.

The Finland-based cryptocurrency service provider has thus strengthened its presence in the Spanish market as one of the leading cryptocurrency platforms while contributing to the growth of cryptocurrency in the country.

Coinmotion regulated by the Finnish 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 wealthy investors, corporations 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 through 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 wish to offer an investment in crypto assets to their clients through a Broker regulated in Europe.

Finland recently chose Coinmotion as a broker to liquidate $75 million worth of Bitcoin from its treasury.

Coinmotion applied for license in Spain due to mandatory registration

Despite already having a European passport via the Finnish license, Coinmotion registered with the Bank of Spain after announcing in 2021 a mandatory registration for cryptocurrency providers who wanted to offer their services in Spain.

The creation of this register 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 register of cryptocurrency operators of the Bank of Spain is subject to the condition that the providers of crypto services have adequate procedures for the prevention of money laundering and the financing of terrorism. In addition, they must meet the requirements of commercial and professional good repute.

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