The Bank of Spain Confirms the Registration of Coinmotion as a Cryptocurrency Operator
Coinmotion, a Finland-based cryptocurrency service provider, 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.
This means that Coinmotion reinforces its presence in the Spanish market and becomes one of the leading cryptocurrency platforms nationwide, while contributing to cryptocurrency growth in the country.
Founded in 2012, the company is officially regulated as a cryptocurrency provider by the FIN-FSA since 2019. Coinmotion has been operating in Spain for several years, and is aimed at investors with a high net worth or capital, companies and institutions. On its platform, you can buy, store and use different cryptocurrencies quickly and safely. Bitcoin, Litecoin, Ether, Stellar Lumens, XRP (Ripple), USD Coin, Uniswap, Aave and Chainlink are currently available. In addition, having a Coinmotion account and making crypto transfers between users is completely free.
Its business model is 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 wants to offer investment in crypto assets for their clients via a European-regulated and safe broker.
Despite the volatility that exists due to the current crypto situation and geopolitical conflicts, Coinmotion anticipates an increase in investments in cryptocurrencies at an institutional and retail level, which will allow the company to continue strengthening its business model, based on offering a personalized service. and of the highest quality to its customers.
Among the milestones reached by Coinmotion in all this time, it stands out that Finland chose it as a broker to liquidate 75 million dollars in Bitcoin from its treasury. In addition to that, the company already has a network of Spain partners to encourage and promote the growth of the crypto ecosystem through independent advisors, companies and individuals.
On the other hand, in 2021, Coinmotion’s volume of operations reached 754 million euros, representing an increase of more than 400% compared to the previous year.
It was at the end of 2021 when the Bank of Spain enabled the 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.
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