- The Bank of Spain gave the green light to the exchange company’s operations after it was formally registered with the Spanish regulator this week.
- The company is confident that its approval will be the starting point for the mass adoption of cryptocurrencies in the country.
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
- Although the platform operates legally, it must warn users in all its commercial communications that “Investment in crypto assets is not regulated, may not be suitable for retail investors and the entire amount invested may be lost”, by instruction of the National Cryptocurrency Commission Stock Market (CNMV).
Why You Should Care
- Although Bit2Me is not as big as the Chinese exchange Binance or the American Coinbase, it represents an option for the Spanish to serve the growing crypto market in the country.