Bitstamp said that it has been granted a license to do business in the crypto sector in Spain.

Since its founding in 2011, the exchange has mainly focused on the European Union market. This permission comes from another European jurisdiction.

Information about the company’s Spanish license was made public on November 17.

The authorization granted by the Bank of Spain to Bitstamp’s local subsidiary enables the company to provide digital currency exchange services for fiduciary money as well as electronic wallet custody services to clients located in Spain.

Following in the footsteps of companies like Binance and Bitpanda, Bitstamp obtained a license in Spain, making it the 46th virtual asset provider to do so.

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

By the fall of this year, the nation 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 fourth place, after El Salvador (which only has 212 ATMs) as it has surpassed the nation in terms of the number of ATMs.

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

In April, it asked users to modify the origin of cryptocurrencies held on the site so that it could comply with regulations.