Spain Gives Green Light to Ripio to Offer Crypto Products

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Crypto exchange Ripio has been cleared to operate in Spain, a move that follows rivals such as Bit2Me and Bitpanda gaining regulatory approval to set up shop in the country.

After the passage of the Crypto Asset Markets Bill in April, Spain has established itself as a hub for digital asset companies. The Bank of Spain recently granted Crypto.com a Virtual Asset Service Provider (VASP) license.

To obtain a VASP license, companies must meet a number of prerequisites. Among them are several documents, including an exchange registration form, a custody service registration form and a risk analysis. Applicants must also provide a manual for the prevention of money laundering and the financing of terrorism.

Ripio CEO Sebastin Serrano revealed the development on Twitter on Tuesday, saying the company can now offer its services to Spanish customers. In addition to an exchange, Ripio also offers crypto products including a Web3 wallet.

Ripio was founded in 2013 and has more than 8 million retail users in Argentina, Brazil, Colombia, Chile, Mexico, Uruguay, Spain and the United States, according to its website. The company has locked in over 1,000 institutional clients.

It has a suite of different products including a trading platform. It also offers a crypto wallet and that pairs with a debit card. Essentially, the card can pay for items with the wallet balance, and once transactions are completed, it offers cash back in the form of USDC.

Over seventy companies are registered as virtual currency and e-wallet service providers through the Bank of Spain, including Binance. Binance operates in the country through a subsidiary.

Representatives for Ripio did not immediately return a request for comment.

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