Spain gives Ripio greenlight to offer crypto products
Spain is gradually welcoming more crypto firms, most recently Crypto.com
cgstock/Shutterstock modified by Blockworks
Crypto exchange Ripio has been approved to operate in Spain, a move that follows competitors including Bit2Me and Bitpanda gaining regulatory approval to set up shop within the country.
After the Markets in Crypto Assets bill was passed in April, Spain has moved to set itself up as a hub for digital asset companies. The Bank of Spain most recently granted Crypto.com a Virtual Asset Service Provider (VASP) license.
To obtain a VASP license, companies must undergo a number of prerequisites. Among them are several documents, including a currency exchange registration form, a custody service registration form, and a risk analysis. Applicants must also provide a manual for preventing money laundering and terrorist financing.
Ripio CEO Sebastián Serrano disclosed the development on Twitter Tuesday, saying the company could now offer its services to Spanish customers. In addition to an exchange, Ripio also offers crypto products including a Web3 wallet.
Ripio was founded in 2013 and has over 8 million retail users across Argentina, Brazil, Colombia, Chile, Mexico, Uruguay, Spain and the US, according to its website. The company has locked down over 1,000 institutional clients.
It has a suite of different products, including a trading platform. It also offers a crypto wallet and that pairs with a debit card. Essentially, the card can pay for items with the wallet’s balance, and after transactions are made it offers cashback in the form of USDC.
Over seventy firms are registered as virtual currency and e-wallet service providers through the Bank of Spain, including Binance. Binance operates in the country through a subsidiary.
Ripio representatives did not immediately return a request for comment.
Get the news in your inbox. Explore Blockworks newsletters:
- Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
- Empire: Start your morning with the top news and analysis to inform your day in crypto.
- Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
- 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
- Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
- The Drop: For crypto collectors and traders, covering apps, games, memes and more.
- Supply Shock: Tracking Bitcoin’s rise from internet plaything worth less than a penny to global phenomenon disrupting money as we know it.
