Crypto Banking Platform BVNK Wins Registration in Spain

Registration as a virtual asset services provider with the Bank of Spain will allow BVNK to offer its services to corporates across the country.

By Jamie Crawley

Oct 13, 2022 at 8:00 a.m. UTC

Banco De Espana — BVNK has won registration as a virtual asset services provider with the Bank of Spain. (Shutterstock)

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Crypto banking and payments platform BVNK has won registration as a virtual asset services provider (VASP) in Spain. Registration with the Bank of Spain will allow BVNK to offer its services to corporates across the country.

BVNK helps businesses to provide crypto services that are not otherwise offered through existing payment and settlement providers.

Its business accounts support more than 100 cryptocurrencies, including bitcoin (BTC), ether (ETH), Cardano's ADA and Solana's SOL.

In an announcement on Thursday, BVNK referred to VASP registration in Spain as a "springboard for expansion" across the European Union (EU). Under the EU's Markets in Crypto Assets (MiCA) legislation, which is on the verge of becoming law, crypto companies licensed in individual member states can market their services across the 27-country bloc, provided they meet minimum guarantees intended to protect investors and maintain stability.

London-based BVNK launched in October 2021 and raised $40 million in funding in May of this year. It has grown its headcount from 40 to 160 in the last 12 months, with plans to increase it to 250 in the next year.

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