Spain Approves Ripio to Provide Crypto Products

Spain Approves Ripio to Provide Crypto Products

Ripio, a crypto exchange, has received regulatory approval to operate in Spain, joining other competitors such as Bit2Me and Bitpanda who have also gained authorization to establish their presence in the country. This development comes after the passage of the Markets in Crypto Assets bill in April, as Spain aims to position itself as a hub for digital asset companies. Recently, the Bank of Spain granted a Virtual Asset Service Provider (VASP) license.

Obtaining a VASP license requires companies to fulfill certain prerequisites. These include submitting various documents such as a currency exchange registration form, a custody service registration form, and a risk analysis. Applicants are also required to provide a manual outlining measures to prevent money laundering and terrorist financing.

Sebastián Serrano, the CEO of Ripio, announced the approval on Twitter, stating that the company is now able to offer its services to Spanish customers. In addition to being an exchange, Ripio provides other crypto products, including a Web3 wallet.

Ripio, founded in 2013, boasts over 8 million retail users across Argentina, Brazil, Colombia, Chile, Mexico, Uruguay, Spain, and the US, as stated on its website. The company serves more than 1,000 institutional clients. Its product suite includes a trading platform, a crypto wallet, and a debit card integration. The debit card allows users to make purchases using their wallet's balance and offers cashback in the form of USDC after transactions are completed.

The Bank of Spain currently registers over seventy firms as virtual currency and e-wallet service providers, including Binance, which operates in the country through a subsidiary.

At the time of writing, representatives from Ripio have not responded to requests for comment.

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