Finnish crypto firm Coinmotion lands Bank of Spain authorisation
Finnish crypto services provider Coinmotion has secured authorisation from the Bank of Spain to act as a provider of virtual currency exchange services for fiat currency and custody of electronic wallets.
Coinmotion gets the green light to offer crypto services in Spain
Founded in 2012, Coinmotion has been officially regulated as a cryptocurrency provider by the Finnish Financial Supervisory Authority (FIN-FSA) since 2019.
In 2021, the Bank of Spain initiated mandatory registration for cryptocurrency providers. Successful registration by the Bank of Spain is conditional on the crypto service provider having adequate procedures designed to prevent of money laundering and terrorist financing.
Coinmotion, which has been operating in Spain for several years, targets high net worth investors. Its platform allows for the buying and use of cryptocurrencies such as Bitcoin, Litecoin and Ether.
Its business model is supported by a network of professionals, companies and freelancers, with experience in the financial sector and training in crypto assets, who wish to offer investment in cryptoassets for their clients via a European-regulated and safe broker.
Despite wider volatility in the crypto sphere, Coinmotion claims its volume of operations reached €754 million in 2021, representing an increase of more than 400% compared to the previous year.
