Crypto Exchange Kraken Receives Regulatory Approvals in Europe
Cryptocurrency exchange Kraken has obtained an Electronic Money Institution (EMI) license from the Central Bank of Ireland and a virtual asset service provider (VASP) registration from the Bank of Spain. This allows Kraken to expand its euro-to-crypto trading services across 27 European Union member states and European Economic Area countries. Additionally, the VASP registration in Spain enables Kraken to offer exchange and wallet custodial services to Spanish residents. The platform is already registered as a VASP in Italy and Ireland.
Kraken’s vice president of global operations, Curtis Ting, expressed confidence in Europe’s forward-looking regulation, stating that it provides a strong foundation for crypto growth. Currently, Kraken supports more than 200 trading pairs across six fiat currencies: the British pound, euro, U.S. dollar, Canadian dollar, Swiss franc, and Australian dollar.
Expansion Plans and Compliance Efforts
Earlier this year, Kraken applied for restricted dealer registration in Canada to comply with new rules mandating all VASPs to register with securities administrators or risk expulsion. Following the implementation of these regulations, exchanges Binance and OKX chose to exit the Canadian market.
Hot Take: Kraken’s Regulatory Approvals Enhance Its European Presence
Kraken’s recent regulatory approvals in Europe are a significant step forward for the cryptocurrency exchange. By obtaining an EMI license and VASP registrations in Ireland, Italy, Spain, and Ireland, Kraken can now expand its services to a wider European customer base. This move aligns with the company’s goal of providing secure and compliant trading options for cryptocurrency enthusiasts. With Europe’s supportive regulatory environment, Kraken is well-positioned to continue growing its operations and offering innovative solutions to its users.
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