Changpeng Zhao, CEO of Binance, said that compliance with regulation is crucial to the broader adoption of crypto.

Crypto exchange Binance is now registered as a virtual asset service provider (VASP) by the Bank of Spain, allowing the exchange to offer custody and crypto exchange services in the country. 

In an announcement on Friday, Binance said that its Spanish subsidiary, Moon Tech Spain, was registered as a VASP by Spain’s central bank on Thursday. It applied for registration in January.

Binance can now provide fiat currency exchange to digital assets and wallet custody services while complying with the country’s Anti-Money Laundering and Counter-Terrorist Financing rules.

Binance CEO Changpeng Zhao said the development in Spain is a result of the company’s hard work to make its platform centered on protecting users. He explained:

“Effective regulation is essential for the widespread adoption of cryptocurrencies. We have invested significantly in compliance and introduced AMLD 5 and 6 compliant tools and policies to ensure that our platform remains the safest and most trustworthy in the industry.”

Quim Giralt, director of Binance Spain, also commented on the new development. According to Giralt, Binance’s next move will be to expand the team in Spain and make its services more accessible. The executive noted that it would be onboarding more local talent to cater to the Spanish market and contribute to growing the ecosystem within the country.

Related: Bank of Spain issues registration guidelines for crypto services

In May, the crypto exchange secured VASP approval from France’s financial market regulator, Autorité Des Marchés Financiers, giving the exchange the necessary registration to offer its services in the country.

Despite opposition from a local think tank, Binance has also expressed its intention to secure licenses in the Philippines. The exchange told Cointelegraph on Thursday that it is already engaging in discussions with the country’s regulators and stakeholders.

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