Key Takeaways
- Stratis receives approval for crypto-to-fiat exchange and custodial services
- Investigating potential for regulated Euro stablecoin and crypto payments in the Spanish market
Stratis has received Virtual Asset Service Provider (VASP) registration from the central bank in Spain, The Banco de España. Registration follows a stringent review of Stratis’ compliance policies for the Anti Money Laundering Directive and other financial regulations. The registration means Stratis is now able to offer crypto-to-fiat exchange and crypto custodial services to users in the Spanish market.
The new registration supports Stratis’ plans to offer crypto payment acceptance services across the Spanish market. In particular, Stratis sees an opportunity to support Spain’s tourism and entertainment sectors with crypto acceptance services – making Spanish nightclubs and leisure venues even more appealing to crypto-native customers.
As part of the VASP registration process Stratis has engaged with SEPBLAC, Spain’s financial intelligence unit and supervisory authority for the prevention of money laundering. This engagement and registration also lays the groundwork for Stratis to use its technology to support issuance of a regulated and one-to-one fiat-backed Euro stabelcoin. Use cases include faster, more automated and cost-effective settlement with a stablecoin that’s fully fiat-backed and therefore more acceptable to regulators.
“We’re now in a strong position to enable crypto-natives to make purchases using any digital asset, at a range of merchants across the country,” Stratis Co-Founder and CEO, Chris Trew, said in a statement.
“This registration also opens the door for Stratis to explore issuance of a regulated Euro stablecoin, which would be transformative for fintech across the region.”
Stratis recently announced the launch of its new Ethereum-compatible mainnet, which is specifically designed to support Decentralized Finance (DeFi) and gaming use cases. The new blockchain incorporates zkSync, a layer-2 scaling solution that will significantly increase transaction throughput and reduce transaction costs as well as bridges to other prominent chains. Stratis’ engagement with the UK’s Financial Conduct Authority (FCA) in relation to the issuance of a regulated GBP token is also progressing.
Read Also: Stratis Community Votes In Favour Of Move To Ethereum Blockchain