Kraken Expands Presence in Europe, Obtains EU E-Money License to Offer Services in Spain and Ireland
Kraken moves toward a wider European presence with key regulatory steps in Spain and Ireland after it obtained an EU e-money license.
According to a press release on Sept 26, the exchange announced a progression in Europe after it successfully registered with the Bank of Spain for a Virtual Asset Service Provider (VASP) license.
“Today’s announcement marks another important milestone in our European expansion strategy.”
The license will allow the exchange to offer digital asset exchange and custodial wallet services to citizens. The move comes after it has already obtained VASP licenses in Italy and Ireland.
Curtis Ting, Kraken’s Vice President for Global Operations commenting on the announcement stated the firm hopes to become a major player in both countries as it plans more European investments.
“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. 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.”
Ireland’s EMI license an in-road to wider growth
In Ireland. the exchange’s subsidiary has been issued an EU e-money license by the country’s central bank. The license will bolster the firm’s financial services as it can now expand its fiat services in partnership with local banks.
The exchange is now certified as an E-money institution (EMI) which gives it access to 27 EU countries and Economic Areas.
Per the release, the company also stressed on its service expansion in diverse fields in web3 like non-fungible tokens without compromising security.
Ting also praised the exchange position on EUR pairs with round-the-clock client services offering value to European clients.
“We’re committed to the ongoing investment in our European business as we continue our efforts to advance the adoption of crypto within Europe in the years ahead,” he added.
Firms set sights on Europe
The last few months have marked several firms announcing European expansion plans citing friendly markets, policies, and regulators.
The recent successes recorded in Europe are due to the emergence of landmark crypto legislation, the Markets in Crypto Assets (MiCA) which provides a framework for exchanges, stablecoins, and other web3 services.
This week, Coinbase concluded its registration in Spain sequel to an announcement that it plans a global crypto expansion targeting countries with clear rules like the UK, Hong Kong, Brazil, and the EU.
📈 Coinbase Pushes Toward Global Expansion, Sets Sights On Regulated Markets— Cryptonews.com (@cryptonews) September 9, 2023
Digital asset exchange @Coinbase sets out plans for a global expansion, flagging jurisdictions outside the United States as “near-term priority markets.”#CryptoNewshttps://t.co/gmkV1ottKS
In a similar development, Ripple’s co-founder Chris Larsen has lauded financial technology development in the UK describing it as a hub akin to Silicon Valley.