Cryptocurrency trading platform Bitstamp has announced that it has obtained a license to do business in the crypto sector in Spain.

Since its founding in 2011, Bitstamp has primarily focused on the market in the European Union.

This license comes from another European jurisdiction.

The information on the Spanish company’s licensing was announced on November 17.

The mandate granted by the Bank of Spain to the local branch of Bitstamp enables the company to provide cryptocurrency transfer services for fiat money as well as electronic wallet custody services to customers located in Spain.

Following in the footsteps of companies like Binance and Bitpanda, Bitstamp has been granted a license in Spain, making it the 46th virtual asset supplier in Spain.

Read:Bitcoin may be cheaper than it looks, according to Fidelity.

Recent developments in Spain show a moderate attitude towards crypto legislation, which coincides with the rapid adoption of cryptocurrencies across the country.

By the fall of this year, Spain had established what is now the third largest network of ATMs distributing bitcoin and other cryptocurrencies, behind only the United States and Canada.

It currently has 215 crypto ATMs, which puts it in third place, after El Salvador (which has 212).

Over the past several years, Bitstamp’s compliance efforts have been growing steadily.

In April, cryptocurrency trading platform Bitstamp submitted a request for users to modify their cryptocurrency assets held on the site so that it can comply with the regulations.

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