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Leading Spanish and Latin American crypto exchange, Bit2Me has become the first platform to act officially as a recognized virtual asset service provider (VASP) in Spain.
The exchange made the announcement on Thursday after it received the approval from the Bank of Spain to be the “first provider of services for the exchange of virtual currency for fiat currency and the custody of digital wallets.”
In October 2021, the Bank of Spain issued instructions to institutions on how to register with the central bank to offer crypto-related services in the country. This registry followed a change in the Prevention of Money Laundering and Financing of Terrorism Law approved in April last year.
Following its approval, Bit2Me now will be able to provide Spanish-based banks with a white-label service allowing crypto trading on their platforms and is currently in negotiations with banks
Bit2Me statement proudly noted that they are now fully compliant with “the requirements of commercial and professional honorability established for credit institutions and with the regulations for the prevention of money laundering” in Spain.