DailyCoin
Published Feb 18, 2022 01:14PM ET
Updated Feb 18, 2022 01:30PM ET
Bit2Me Becomes the First Approved Cryptocurrency Platform in Spain
Bit2Me is the first cryptocurrency platform to be officially recognized by the Bank of Spain. On Wednesday, the issuing institute approved the operations of the Spanish company as a provider of digital currency exchange services for fiduciary money and custody of electronic wallets.
To receive the approval of the Bank of Spain, Bit2Me had to pass several registration tests that came into force in October 2021, in which it demonstrated that it fully complied with the requirements of commercial and professional integrity required of financial entities.
The process of receiving applications and approving the operations of crypto exchanges began at the end of October. Both Bit2Me and the other companies must comply with the regulations related to the prevention of money laundering and the financing of terrorism, established in Law 10/2010, of April 28.
Other cryptocurrency platforms could be approved
The exchange was launched a year ago with an aggressive advertising campaign that included the placement of billboards next to emblematic buildings in Madrid such as the Bank of Spain, the Paseo del Prado and the five towers of the financial district.
The company thus becomes the first exchange to be approved by the Spanish regulator, as it was also the first to apply for registration.
This could be the first step to start "the massive adoption of Bitcoin and the rest of cryptocurrencies in Spanish society," Bit2Me highlighted in its blog. Other industry platforms are expected to join the list of crypto asset storage and crypto exchange service providers in the near future.
Since its foundation in 2014, Bit2Me offers cryptocurrency services in more than 100 countries, including Europe and Latin America. Last year, the company registered a turnover of more than 1,100 million euros.
The CEO of the company, Leif Ferreira, commented that the recognition of the Bank of Spain represents “a boost to our commercial relations. Being the first company in the world to achieve this recognition speaks for itself about the security with which our service is developed and the confidence in Bit2Me”.
On the Flipside
Why You Should Care
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.