Top-tier crypto exchange Binance has reportedly completed its registration as a virtual asset service provider (VASP) by the Bank of Spain.

Specifically, the new development will make it possible for the exchange to provide custody and crypto exchange solutions in the nation. Per Binance, its Spain-based subsidiary, Moon Tech Spain, finalized the registration as a VASP by Spain’s central bank on July 8th, with the application for registration submitted in January.

The new Binance feature will reportedly offer supporting features for fiat currency conversion to crypto assets and wallet custody services, while staying compliant with the nation’s Anti-Money Laundering and Counter-Terrorist Financing rules.

Head of Binance, Changpeng “CZ” Zhao, reportedly remarked that the development in Spain serves as an outcome of the firm’s effort to turn its platform centered on protecting users.

“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, further remarked regarding the new development. Per Giralt, Binance’s next initiative will be to widen the scope of its team in Spain, as well as amplifying the accessibility of its services. 

The executive also shared plans to bring aboard extra manpower in the region dedicated to the Spanish market, and contribute to growing the ecosystem within the country.

In May, the crypto exchange successfully obtained VASP approval from France’s financial market regulator, Autorité Des Marchés Financiers, offering the exchange the required registration to provide its services in the nation.