The Kraken cryptocurrency exchange announced new achievements in the implementation of its strategy to seek expansion in the European market. The US digital asset trading platform said it received regulatory approvals from monetary authorities in Ireland and Spain, two of the EU countries with relatively clear rules for the sector.
Kraken, Another Major US Crypto Exchange, Moves Forward with European Expansion
Digital asset exchange Kraken has obtained authorization from the Central Bank of Ireland as an Electronic Money Institution (EMI) and has registered with the Bank of Spain as a Virtual Asset Service Provider (VASP). In a press release issued Tuesday, the San Francisco-based company emphasized that the regulatory approvals highlight its commitment to growing its business in Europe.
With the EMI license, which was granted to Kraken’s subsidiary in Ireland, the exchange will be able to partner with European banks to expand its euro fiat services to clients in the 27 EU member states as well as the Economic Union countries. European. Area (EEA), which constitutes a key growth region for the American crypto company.
Kraken further explained that VASP’s registration with Spain’s central bank allows it to provide cryptocurrency exchange and custodial wallet services to residents of the country. The exchange has already received similar registrations in Ireland and Italy and considers them “evidence of its continued commitment to regulatory compliance.”
“Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, vice president of global operations at Kraken. He highlighted that the company is excited to be part of the local fintech sectors in both countries and hopes to continue its European investments. Ting also stated:
We see a solid foundation for cryptocurrencies in Europe, which has forward-thinking regulation that allows us to grow with confidence. We welcome the constructive approach to regulating industry growth set out by the Central Bank of Ireland and the Bank of Spain.
Kraken’s effort to expand in the Old Continent as it prepares to implement its new Markets for Crypto Assets (MiCA) legislation is not an isolated effort among US exchanges. In early September, Coinbase, the leading US cryptocurrency trading platform, indicated in a blog post that it intends to focus on growth in markets that have clear crypto regulations.
Coinbase gave the opposite example of the United States, where government agencies have taken the route of enforcing existing rules through the courts. This week, Coinbase announced that it has also obtained a Spanish registration and a report revealed that it attempted to purchase FTX Europe for its derivatives business.
As one of the oldest crypto platforms in the world, Kraken highlighted its “strong security and excellent customer service spanning over a decade.” Curtis Ting emphasized that these features, along with Kraken’s leading position in liquidity and volume for Euro-crypto pairs, “bring a compelling value proposition to future customers in Europe” and promised that the exchange will continue to work to promote adoption. of encryption in the region.