Crypto Giant Binance and New Opportunities
July 12, 2022 (Investorideas.com Newswire) Crypto giant Binance made an important announcement. The crypto exchange has been registered as a virtual asset service provider (VASP) by Spain's central bank. This allows the crypto exchange to offer custody as well as crypto exchange services in the country legally.
The crypto giant said in an announcement on July 8 that its Spanish subsidiary, called Moon Tech Spain, was registered as a VASP by the national central bank in Spain on July 7. Binance applied for registration several months ago, more precisely in January.
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Thanks to the Bank of Spain's decision, Binance is able to provide fiat currency exchange to digital assets and wallet custody services while complying with the anti-money laundering and counter-terrorist financing rules within Spain.
According to its CEO, Changpeng Zhao, "Effective regulation is essential for the widespread adoption of cryptocurrencies."
Quim Giralt, the director of Binance Spain, also made a comment regarding the news. He stated that their next move would be to expand the team in Spain and make the exchange's services more accessible. Giralt also mentioned that they would be onboarding more local talent to cater to the Spanish market and contribute to growing the ecosystem within Spain.
Binance also wants to acquire two licenses that are critical for its operations within the Philippines.
In June, the CEO of Binance mentioned that the exchange is looking to obtain a virtual assets service provider license. The license allows the platform to legally facilitate the exchange of digital assets and the conversion of crypto to the Philippine peso.
Apart from the license, the company's CEO also noted that the trading platform is working to acquire an e-money issuer license. Binance wants to acquire an e-money issuer license from the country's central bank.
Binance and France
In May, Binance secured VASP approval from the Autorité des marchés financiers (AMF). France's authority is responsible for regulating the financial market. It has granted the crypto giant's registration to provide crypto-related services in France.
According to the stock market regulator, registration requires checks to ensure "good repute and competence of the managers and beneficial owners" and compliance with regulations regarding Anti-Money Laundering and combatting the financing of terrorism.
Several months ago, regulators in the Middle East also gave the green light for Binance to provide services in Bahrain and Dubai.
For example, Bahrain was able to issue the license to Binance through the Cooperation Council for the Arab States of the Gulf (GCC). The world's largest crypto exchange is able to offer crypto services, including trading, custody, as well as portfolio management for customers in the Middle East's smallest economy.
In spite of its relative size compared to other countries in the Middle East, or possibly due to that, the Kingdom of Bahrain has been one of the most crypto-friendly countries in the Middle East. The country's central bank successfully trialed JP Morgan's crypto payment system Onyx in January.
Lastly, landing licenses to operate in each region will undoubtedly help the major crypto exchange achieve its goals in that respect.
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