Bank of Spain Approves Bit2Me as a Crypto Service Provider
Regulation is an important factor when it comes to cryptocurrencies. As cryptocurrency adoption continues, countries are taking different approaches.
Yesterday, on February 17, the Spanish crypto exchange Bit2Me announced that the company was recognized by the Bank of Spain.
With this approval, Bit2Me now becomes the first provider of crypto-related services accepted by Spain’s Central Bank.
Spain is the first country in Europe when it comes to Bitcoin ATMs. According to Coin ATM Radar, Spain has 209 Bitcoin ATMs over the country and there are plans to install 100 additional Bitcoin ATMs this year.
Bit2Me is a Spanish crypto exchange founded by Andrei Manuel and Leif Ferreira in 2014. It offers crypto-related services in Spain and other countries around the world.
The Spanish company has hired employees coming from big companies in 2021, such as former Europe-UK Coinbase CEO, Zeeshan Feroz, as their new Strategy Advisor, and also ex-Accenture’s Spain and Portugal Head of Blockchain, Bogdan Stirbu as their new CEO of Bit2Me Capital.
In August 2021, Bit2Me raised €2.5 million for their upcoming “B2M” token launch in September 2021.
Is the Bank of Spain Changing Its Approach in Crypto?
Let’s back up a little on the approach Spain’s Central Bank has taken in the past. In 2018, the Bank of Spain along with Spain’s financial regulator “Comisión Nacional del Mercado de Valores (CNMV)” published a statement about cryptocurrencies and ICOs saying these investments were of high risk and “highly speculative”.
One year ago, in February 2021, both entities again published a statement about cryptocurrencies’ prices being very volatile and being a “high-risk investment”.
A few months later, in October 2021 the Bank of Spain published instructions and steps on how crypto service providers in the country should be registered.
Bit2Me said in their statement that they were “the first to apply for registration with the Bank of Spain”.
As of now, around 1.1 million people (2.51% of Spain’s population) own crypto, according to TripleA, a Singapore crypto-related firm.
It looks like Spain’s Central Bank is starting to be more flexible when it comes to crypto. This step forward could push further crypto adoption in Spain.