Recently, Kraken, a renowned cryptocurrency platform, has received significant authorizations that underline its commitment to expanding its European operations.
According to an official press release, the exchange has been granted authorization by the Central Bank of Ireland to operate as an E-Money Institution (EMI). Simultaneously, the company has successfully registered with the Bank of Spain as a Virtual Asset Service Provider (VASP).
These authorizations hold great importance in the exchange’s strategy for European growth, coming on the heels of recent developments in Australia. Last week, the Australian Securities and Investments Commission (ASIC) initiated legal proceedings against Bit Trade, Kraken’s crypto exchange operator in Australia.
As reported by TronWeekly, ASIC alleged that Bit Trade had failed to comply with design and distribution obligations for one of its trading products, specifically the failure to make a target market determination before offering it to Australian customers.
The EMI license, granted to Kraken’s subsidiary in Ireland, allows the platform to expand its Euro (EUR) fiat services in collaboration with European banks, serving clients across the 27 European Union (EU) member states and European Economic Area (EEA) countries.
In Spain, Kraken’s new VASP registration permits it to offer cryptocurrency exchange and custodial wallet services to Spanish residents, following similar registrations in Ireland and Italy. These licenses signify the exchange’s unwavering commitment to adhering to regulatory standards and expanding its European presence.
Kraken Regulatory Compliance & European Expansion
Curtis Ting, Kraken’s Vice President of Global Operations, expressed his enthusiasm for these developments, emphasizing the favorable regulatory environment in Europe. He highlighted the company’s dedication to fostering crypto adoption and investment in improving services across the continent.
Over the past year, the exchange has introduced several new features. These include an NFT marketplace, the Kraken Pro advanced trading interface, and an enhanced user experience for web consumers.
Ting emphasized Kraken’s market-leading position in liquidity and volume for EUR crypto pairs, along with its 24/7 customer service and robust security. These strengths and regulatory compliance position Kraken as an attractive choice for future clients in Europe.
However, the company remains committed to ongoing investments in its European business, working towards advancing crypto adoption in the region in the years to come.