Spain’s First Crypto Provider Gets License from the Central Bank

Spain’s top crypto exchange, Bit2Me, is all set to be the first crypto provider of the country as it received the license for approval from the Bank of Spain. The company announced Thursday that it would be Spain’s first “provider of services for virtual currency exchange for fiat currency and the custody of digital wallets”.

Before becoming the premier exchange for getting the Spanish government’s nod, it was already a big name in the Spanish-speaking world, following a $23.7 million ICO. It sold out across 3 rounds in only 2 mins and 24 seconds. Now, Bit2Me has got the nod to assist Spanish banks in providing them white-label service so that the national bank can incorporate crypto trading on their platforms.

The Bank of Spain has validated that Bit2Me as a crypto exchange company complies with “the requirements of commercial and professional honorability established for credit institutions and with the regulations for the prevention of money laundering”, as quoted by Bit2Me.

Founded in 2014, Bit2Me is headquartered in Spain, where it rose to prominence and, since then, has extended its services to more than 100 countries. According to the company’s records, it recorded a trading volume of EUR 1.1 billion ($1.25 billion) in 2021. It also raised EUR 20 million ($22.7 million) via an initial coin offering in 2021.

But there is no stopping for the company now as it plans to start offering its services of buying, selling and trading crypto in Brazil by the end of the first quarter of 2022, according to Bit2Me COO Andrei Manuel’s statement.

Default image
Roopashi Semalty