Bitstamp has been licensed by the Bank of Spain to serve as a crypto exchange.

The EU-based exchange became the 46th crypto business to obtain a permit to offer virtual currency exchange services for fiat currency in the country.

Bitstamp has been taking steps to become more compliant over the past few years. In April, the exchange asked users to inform them of the source of virtual currencies stored on the platform so they could carry out regulation. The list of examples of documents included pay slips showing fiat money deposits, will documents, savings pay slips, and so forth.

Bitstamp has received a license to operate with cryptocurrency in Spain, marking the exchange’s approval in yet another European country for operations. Bitstamp has been focusing on the EU market since its inception in 2011.

On Nov. 17, Bitstamp announced that it had been granted a license from the Bank of Spain to operate as a virtual currency exchange in Spain. Users can now deposit and withdraw fiat and electronic currencies through the Bitstamp local subsidiary, which is allowed under the Bank of Spain’s regulations. Bitpanda and Binance are among the 46 virtual currency operators that have received a permit in Spain.

While showing a moderate approach to crypto regulation, Spain has recently demonstrated a high pace of adoption. The local financial regulator Comisión Nacional del Mercado de Valores (CNMV) issued a set of rules for crypto-asset investments in January, demanding them to be “clear, balanced and fair.”

El Salvador now has the fourth-largest network of Bitcoin and cryptocurrency ATMs, after leapfrogging the country with the ATMs. To date, the country has 212 crypto ATMs, up from the fourth position from last year, when it held 212 ATMs.

In September, the multinational telecommunications firm based in Madrid, Telefonica, added a cryptocurrency payment feature to its online technology marketplace Tu. Bit2Me, a Spanish cryptocurrency exchange, provided the service. Customers can now pay with cryptocurrencies like Bitcoin and others on Tu.

Bitstamp increased compliance efforts in recent years. In April, it requested users to update the source of cryptocurrencies stored on the platform for regulation purposes. Bitstamp provided an official list of examples of fiat-related sources of deposited funds, including salary and pension payslips, inheritance documents, payslips for savings, and gifts, among others.