Bitstamp acquires a Spanish crypto licence
Bitstamp has been focusing on the European Union market since its launch in 2011. The approval from the Bank of Spain lets Bitstamp's local subsidiary offer digital currency exchange services for fiat currency and electronic wallet custody services to Spanish users. By this fall, the country became home to the third-largest network of Bitcoin and cryptocurrency ATMs after the United States and Canada.
Bitstamp said that it has been granted a licence to do business in the crypto sector in Spain.
Since it was founded in 2011, the exchange has been primarily concentrating on the market in the European Union. This permission comes from yet another European jurisdiction.
The information on the company's Spanish licence was made public on November 17th.
The authorization granted by the Bank of Spain to Bitstamp's local subsidiary enables the company to provide digital currency exchange services for fiat money as well as electronic wallet custody services to customers located in Spain.
Following in the footsteps of companies like as Binance and Bitpanda, Bitstamp was granted a licence in Spain, making it the 46th virtual asset supplier to do so.
Recent developments in Spain have shown a moderate attitude to crypto legislation, which coincides with the rapid speed of adoption of cryptocurrencies throughout the nation.
By the autumn of this year, the nation had established what is now the third-largest network of automated teller machines that dispense Bitcoin and other cryptocurrencies, behind only the United States and Canada.
It presently has 215 crypto ATMs, putting it in fourth place, after El Salvador (which only has 212 ATMs) since it has surpassed the nation in terms of the number of ATMs.
Over the last several years, Bitstamp's compliance efforts have been steadily growing.
In April, it made the request for users to modify the origin of cryptocurrencies that were being kept on the site so that it could comply with regulations.