Swiss web3 FinTech YouHodler has secured its Virtual Asset Service Provider (VASP) registration from the Bank of Spain. This accomplishment marks a pivotal moment for YouHodler, allowing it to expand its suite of innovative financial services while staying fully compliant with Spain’s anti-money laundering (AML) and counter-terrorist financing (CTF) regulations.
The VASP registration from the Bank of Spain is the latest milestone in YouHodler’s mission to revolutionize the world of finance through Web3 technologies. With this regulatory approval, YouHodler gains the green light to offer its comprehensive range of financial services to both individual users and enterprises throughout Spain.
The significance of this achievement extends beyond Spain’s borders. YouHodler already holds a strong presence across the European Union, and this registration reinforces its commitment to compliance and security as it prepares for the impending Markets in Crypto-Assets (MiCA) regulation.
Ilya Volkov, CEO and co-founder of YouHodler, commented, “This achievement is a testament to our dedication to seamlessly bridge traditional and Web3 finance while upholding compliance and security as our guiding principles.”
“In every country we operate, we prioritize working within the local regulatory framework to provide our users with fully compliant, but at the same time innovative solutions contributing to the development of the entire industry. This milestone signifies YouHodler’s steadfast dedication and paves the way for continued expansion throughout Europe and other regions,” Ilya added.
The number of crypto firms officially registered to operate in Spain grew by over 65% in 2023. According to the official registry published on the website of Spain’s central bank, 32 new crypto firms were granted a virtual asset service provider license in 2023. Till date total 83 crypto companies are officially registered to operate in Spain, including big names like Binance and Crypto.com.
Joan Gutiérrez Calvo, YouHodler’s Legal Advisor in Spain, emphasized the trust and security that the VASP registration brings to Spanish customers.
He noted, “The VASP registration by the Bank of Spain is a resounding vote of confidence in YouHodler’s operations. For our Spanish customers, individuals and enterprises alike, this means not just access to YouHodler’s cutting-edge technology, but also an added layer of trust and security.”
YouHodler’s global reach now extends to over 60 countries, offering a wide array of Web3 fintech services aimed at facilitating the seamless integration of fiat and cryptocurrency financial solutions.
The platform boasts a powerful tool that enables investors to capitalize on market volatility, with the industry’s highest loan-to-value (LTV) ratio, instant credit card and bank withdrawals, and support for over 50 top cryptocurrencies as collateral.
Beyond catering to individual investors, YouHodler also provides enterprise solutions. This empowers companies like cryptocurrency exchanges, digital wallets, and retail digital payment providers to enhance their offerings with the support of YouHodler’s advanced technology.
With this latest accomplishment, YouHodler solidifies its position as a leading player in the Web3 fintech sector, poised for further growth as it continues to innovate while prioritizing regulatory compliance and security in every market it serves.
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