The Bank of Spain Issues Cryptocurrency License to Bitstamp
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Bank of Spain Provides Virtual Wallet Custody Service to Bitstamp
On November 17, the business announced the acquisition of a Spanish license. The Bank of Spain has given Bitstamp's regional affiliate permission to provide Spanish customers with digital wallet custody services and services for exchanging virtual currency for fiat money. Following companies like Binance and Bitpanda, Bitstamp became the 46th distributor of digital assets to be granted a license in Spain.
With a strong adoption rate, Spain has lately shown that it can regulate cryptocurrencies with a reasonable approach. A set of guidelines for promoting crypto-asset investments were released in January by the local financial watchdog Comisión Nacional del Mercado de Valores (CNMV), which said that it must be transparent, balanced, and fair.
Bitstamp Increasing Compliance Effects
In recent years, Bitstamp has stepped up its ongoing effectiveness. The exchange supplied a formal list of examples of documentation explaining the fiat-related origins of the wealth of deposited funds, such as payslips for salaries and pensions, inheritance records, savings payslips, gifts, mining revenues, and others.