Spanish authorities approve Ripio exchange to offer crypto products
Spain has granted regulatory approval to Ripio, allowing the crypto exchange to provide its customers with a range of cryptocurrency products as the country establishes itself as a good hub for bitcoin and web3 companies.
In another significant development for the cryptocurrency industry, Spain’s regulatory authorities have officially granted Ripio crypto exchange a Virtual Asset Service Provider (VASP) license.
The approval, announced by the company’s CEO, allows Ripio to offer its comprehensive range of cryptocurrency products and services to customers in Spain. This move follows the footsteps of leading exchanges like Bit2Me and Bitpanda, which have already obtained regulatory approval to establish their operations within the country.
Spain‘s commitment to creating a favorable environment for bitcoin (BTC)-linked businesses has gained momentum with the passing of the Markets in Crypto Assets (MiCA) bill in April. Based on the MiCA regulation, Spain aims to become a hotbed for platforms operating in the crypto world.
Ripio’s services include a trading platform, a crypto wallet, and a debit card. The card lets users pay for goods and services using their crypto wallet’s balance and offers cashback rewards in USDC stablecoin. Ripio has over 8 million retail users across multiple countries and more than 1,000 institutional clients.
Spain boasts over seventy registered virtual currency and e-wallet service providers, including Binance, which operates in the country through its subsidiary. This demonstrates leading crypto exchanges’ growing interest and participation in the Spanish market.
The approval granted to Ripio and other crypto companies in Spain signals the country’s commitment to fostering a positive environment for the industry. Binance recently revised its stance on privacy coin listings for European traders and securing information security certifications. This demonstrates the region’s growing acceptance and recognition of the potential benefits of digital assets.
Curbing crypto crime
While Spain embraces the crypto industry’s growth, it remains vigilant in tackling crypto-related crimes. A recent report in April revealed the dismantling of a criminal group in Spain responsible for a widespread bitcoin fraud scheme. The group had defrauded over 3,000 victims worldwide, resulting in a loss exceeding €100 million ($110 million).
With a supportive regulatory framework and a commitment to preventing illicit activities, Spain is positioning itself as a crypto-friendly destination within Europe. The expanding presence of registered virtual currency and e-wallet service providers, including Ripio and Binance, reflects the increasing interest and participation of leading crypto exchanges in the Spanish market.
Europe’s positive attitude towards cryptocurrencies could foster innovation, attract investments, and ensure the industry’s integrity. Spain is set to capitalize on the opportunities presented by digital assets, benefiting businesses and investors.
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