Bitstamp stated that it has been granted a Spanish license to conduct business in the crypto-sector.
Since its inception in 2011, the exchange has primarily focused on the European Union. This authorization comes from another European jurisdiction.
Information about the Spanish license of the company was made available to the public on November 17th.
The Bank of Spain has authorized Bitstamp’s local subsidiary to provide digital currency exchange services. It also allows Bitstamp customers to have electronic wallet custody.
Bitstamp followed in the footsteps Bitpanda and Binance by being granted a Spanish licence, making it the 46th virtual assets supplier to do so.
Recent developments in Spain show a moderate approach to crypto legislation. This coincides with the rapid adoption of cryptocurrencies across the country.
In the autumn of 2018, the country had created the third largest network of automated cash teller machines that can dispense Bitcoin and other cryptocurrencies.
It has currently 215 crypto ATMs. El Salvador has only 212 ATMs.
Bitstamp’s compliance efforts over the years have been steadily increasing.
It asked users to change the origin of the cryptocurrencies being stored on its site in April so it could comply.