Kraken Expands Presence in Europe with Regulatory Steps in Spain and Ireland
Kraken, a cryptocurrency exchange, is making progress in its European expansion strategy by obtaining key regulatory licenses in Spain and Ireland. The exchange recently registered with the Bank of Spain for a Virtual Asset Service Provider (VASP) license, allowing it to offer digital asset exchange and custodial wallet services to Spanish citizens. This is in addition to the VASP licenses already obtained in Italy and Ireland.
Kraken’s Vice President for Global Operations, Curtis Ting, expressed optimism about becoming a major player in both countries and highlighted the favorable regulatory environment for crypto in Europe. The exchange’s subsidiary in Ireland has also been issued an EU e-money license, enabling it to expand its fiat services across 27 EU countries and Economic Areas.
Ireland’s EMI License Boosts Growth Opportunities
The EU e-money license obtained by Kraken’s Irish subsidiary allows the exchange to partner with local banks and enhance its financial services. With this license, Kraken can now provide its services to a wider range of customers while ensuring security and compliance. The company emphasized its commitment to expanding into diverse fields within the web3 ecosystem, such as non-fungible tokens (NFTs).
European Expansion Trend
Kraken’s move toward a wider presence in Europe aligns with the trend of cryptocurrency firms expanding their operations in the region. This is due to favorable market conditions, supportive policies, and clear regulations provided by frameworks like the Markets in Crypto Assets (MiCA) legislation. Coinbase recently registered in Spain as part of its global crypto expansion plans targeting countries with transparent rules.
Ripple’s co-founder, Chris Larsen, also praised the UK’s financial technology development, positioning it as a hub similar to Silicon Valley.
Hot Take: European Expansion Signals Confidence in Crypto Growth
Kraken’s regulatory steps in Spain and Ireland demonstrate its confidence in the growth potential of the crypto industry in Europe. By obtaining VASP licenses and an EU e-money license, Kraken is positioning itself as a major player in these countries and across the broader European market. The supportive regulatory environments provided by the Bank of Spain and the Central Bank of Ireland contribute to Kraken’s optimism.
The European expansion trend among cryptocurrency firms reflects the increasing acceptance and recognition of digital assets in the region. With favorable regulations and a commitment to security, Kraken and other exchanges are poised to drive the adoption of cryptocurrencies within Europe in the years ahead.
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