The CEO of Binance, Changpeng Zhao, said that agreement with regulation is very crucial to the broader adoption of crypto.
Crypto exchange Binance has been registered as a virtual asset service provider (VASP) by the Bank of Spain. This permits the exchange to offer custody and crypto exchange services in the country officially.
On Friday, Binance said in a statement that its Spanish subsidiary, called Moon Tech Spain, was listed as a VASP by the national central bank in Spain on July 7. It applied for registration in January.
The exchange is now permitted to deliver fiat currency exchange to digital assets and wallet custody services while obeying with the anti-money laundering and counter-terrorist financing rules within the country.
Binance CEO Changpeng Zhao supposed the development in Spain is a result of their hard work to make their platform centered on protecting users.
The director of Binance Spain, Quim Giralt, also commented on the new development. Giralt stated their next move will be to increase the team in Spain and make the exchange’s services more available. The executive noted that they will be onboarding more local talent to provide to the Spanish market and contribute to mounting the ecosystem within the country.
The crypto exchange secured VASP approval from France in May. Financial market regulator Autorité des marchés bankers have given the exchange the necessary registration to offer their services in the country.
However, amid the opposition from a local think tank, Binance has also stated its intention to secure licenses in the Philippines. The exchange told Cointelegraph on Thursday that they are already engaging in discussions with the country’s regulators and stakeholders.
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