In a major move towards expanding its European footprint, crypto exchange Kraken has secured authorization from the Central Bank of Ireland as an E-Money Institution (EMI), while the Bank of Spain has recognized the digital assets provider as a Virtual Asset Service Provider (VASP).
These approvals underscore Kraken's dedication to enhancing its presence in the European market.
These developments come just in time for discussions on the evolving digital asset landscape at Benzinga's Future of Digital Assets conference on Nov. 14. The event will shed light on the growing influence of crypto platforms like Kraken in the global financial ecosystem.
The EMI license, awarded to Kraken's Irish subsidiary, paves the way for the platform to broaden its EUR fiat services in collaboration with European banking entities.
This expansion will cater to clients across the 27 European Union (EU) member states and the European Economic Area (EEA), emphasizing the region's significance in Kraken's growth strategy.
In Spain, the newly acquired VASP registration empowers Kraken to provide cryptocurrency exchange services and custodial wallet solutions to the Spanish populace.
This follows Kraken's recent VASP approvals in Ireland and Italy.
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Curtis Ting, Kraken’s Vice President of Global Operations, expressed his enthusiasm, stating, “Today’s announcement marks another important milestone in our European expansion strategy.”
He lauded Europe's progressive regulatory framework, which fosters the crypto industry's growth. "We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly."
Kraken has been under investigation by the U.S. Securities and Exchange Commission (SEC) over claims that it broke securities rules related to offerings made to American clients.
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