Cryptocurrency exchange Kraken announced new achievements in implementing its strategy to pursue expansion on the European market. The U.S. trading platform for digital assets said it has received regulatory nods from the monetary authorities of Ireland and Spain, two of the EU nations with relatively clear rules for the industry.
Another Major U.S. Crypto Exchange, Kraken, Strides On With European Expansion
Digital asset exchange Kraken has obtained authorization from the Central Bank of Ireland as an e-money institution (EMI) and has registered with the Bank of Spain as a virtual asset service provider (VASP). In a press release on Tuesday, the San Francisco-based company emphasized that the regulatory approvals highlight its commitment to growing its business in Europe.
With the EMI license, which has been granted to Kraken’s subsidiary in Ireland, the exchange will be able to partner with European banks in order 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 form a key growth region for the American crypto firm.
Kraken further explained that the VASP registration with Spain’s central bank allows it to provide cryptocurrency exchange and custodial wallet services to residents of the country. The exchange has already received similar registrations in Ireland and Italy and considers these a “testament to its ongoing commitment to regulatory compliance.”
“Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, Kraken’s vice president of global operations. He pointed out that the company is excited to become part of the local fintech sectors in the two countries and looks forward to continuing its European investments. Ting also stated:
We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain.
Kraken’s push to expand on the Old Continent, which is preparing to implement its new Markets in Crypto Assets (MiCA) legislation, is not an isolated effort among U.S. exchanges. Earlier in September, America’s leading crypto trading platform, Coinbase, indicated in a blog post that it intends to focus on growing in markets that have clear crypto regulations.
Coinbase provided as an example of the opposite the United States, where government agencies have taken the path of enforcing existing rules through courts. This week, Coinbase announced it has obtained a Spanish registration, too, and a report unveiled it has tried to buy FTX Europe for its derivatives business.
As one of the world’s longest-standing crypto platforms, Kraken highlighted its “robust security and excellent client service that spans more than a decade.” Curtis Ting emphasized that these features, coupled with Kraken’s leading position in liquidity and volume for euro-crypto pairs, “bring a compelling value proposition for future clients in Europe” and vowed that the exchange will continue to work to advance crypto adoption in the region.
Do you think other U.S. crypto companies will also seek to expand their business in Europe? Share your expectations in the comments section below.
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