Spain Authorizes First Bitcoin and Cryptocurrency Platform in the Country
Bit2Me announced on February 17th, 2021 that the Central Bank of Spain will now allow the company to operate within the country. Bit2Me is a Bitcoin and cryptocurrency trading platform that was founded in 2014 with headquarters in Spain. The company also provides banking services for their users.
In October of 2021, the Bank of Spain provided guidelines for registering with the bank to offer Bitcoin and crypto related products and services. Bit2Me was one of the first companies to apply and is the first of many more to offer local citizens the chance to purchase Bitcoin and crypto.
The Bank of Spain states that this process is necessary for the prevention of money laundering and the financing of terrorism. The mandatory documentation for businesses like Bit2Me include forms for:
- Risk analysis
- Currency exchange
- Virtual currency
- Custody service provisions
- Various identification documents
- Background checks
- And a manual for the prevention of money laundering and the financing of terrorism
With more than 700,000 users in over 100 countries, Bit2Me provides 20 different methods to buy Bitcoin and other cryptocurrencies. Their blog states that the bank’s approval is a huge development for adoption within the space. The bank’s approval shows that they recognize Bit2Me’s “firm commitment to [educating the public on] cryptocurrencies and blockchain technology in Spain and Latin America.”
Bit2Me’s recent approval from the Bank of Spain will also be seen as a sign of confidence for other countries to allow them to conduct business. The company plans to begin full operation in Brazil during the first quarter of 2022 and eventually allow peer-to-peer transactions on their platform.
CEO Leif Ferreira is also pleased that this action will improve Bit2Me’s relationship with the Bank of Spain. “Being the first company worldwide to achieve this recognition speaks volumes about the security with which our service is developed and the confidence in Bit2Me,” says Ferreira.