The approval lets Bitstamp’s local subsidiary offer virtual currency exchange services for fiat currency and electronic wallet custody services to Spanish users.

By this fall, the country became home to the third-largest network of Bitcoin BTC and cryptocurrency ATMs after the United States and Canada. It currently hosts 215 crypto ATMs, pushing El Salvador — with 212 — down to the fourth position after surpassing the country by the ATMs.

In September, the multinational telecom company based in Madrid, Telefonica, enabled payments with cryptocurrencies like Bitcoin and many others on its online tech marketplace called Tu. The firm integrated a crypto payment feature provided by the Spanish crypto exchange Bit2Me to receive crypto in exchange for their tech products.