The cryptocurrency exchange Kraken has revealed fresh developments in the implementation of its plan to pursue market expansion in Europe. The U.S. trading platform for digital assets claimed to have regulatory approval from the financial regulators of Spain and Ireland, two EU countries with relatively clear regulations for the sector.
Kraken, a significant U.S. cryptocurrency exchange, advances with its expansion into Europe.
Electronic asset exchange Kraken has registered with the Bank of Spain as a virtual asset service provider (VASP) and received authorisation from the Central Bank of Ireland to operate as an e-money institution (EMI). The San Francisco-based corporation stressed in a news release on Tuesday that the regulatory licenses demonstrate its dedication to expanding its operations in Europe.
The exchange will be able to work with European banks to expand its euro fiat services for clients in the EU's 27 member states as well as the countries in the European Economic Area (EEA), which constitute a key growth region for the American cryptocurrency company, thanks to the EMI license that has been granted to Kraken's subsidiary in Ireland.
The VASP registration with the Spanish central bank, according to Kraken, enables it to offer custodial wallet and cryptocurrency exchange services to Spanish citizens. The exchange regards these registrations—which are similar to ones it has already secured in Ireland and Italy—as "testaments to its ongoing commitment to regulatory compliance."
The statement made today, according to Curtis Ting, vice president of worldwide operations at Kraken, "marks another significant milestone in our European expansion strategy." He emphasized that the business is thrilled to join the local fintech industries in the two nations and is looking forward to extending its European investments. Ting further added:
We envision a strong foundation for cryptocurrency in Europe, where regulations that are proactive allow us to expand with assurance. We appreciate the Central Bank of Ireland's and the Bank of Spain's proactive attitude to restricting industry expansion.
As the United States prepares to execute its new Markets in Crypto Assets (MiCA) law, Kraken is not the only U.S. exchange making an effort to grow on the Old Continent. America's top cryptocurrency trading site, Coinbase, stated in a blog post earlier in September that it plans to concentrate on expanding in places with crystal-clear legislation for cryptocurrencies.
Coinbase used the United States as an example of the reverse, where government bodies have chosen to enforce current laws through the courts. This past week, Coinbase revealed that it had also gotten a Spanish registration and that it had attempted to acquire FTX Europe for its derivatives division.
Kraken, one of the oldest cryptocurrency platforms in the world, emphasized its "robust security and excellent client service that spans more than a decade." With these capabilities plus Kraken's dominant position in volume and liquidity for euro-crypto pairs, Curtis Ting stressed that they "bring a compelling value proposition for future clients in Europe" and vowed that the exchange will keep pushing for the adoption of cryptocurrencies in the area.
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