Kraken Obtains VASP Registration From Dutch Central Bank

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February 8, 2024 14:20 EST

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Crypto exchange Kraken was granted a virtual asset service provider (VASP) registration from the Dutch Central Bank today.

Kraken announced the acquisition of its fourth European VASP license, which will make its services available to customers in the Netherlands.

Another milestone in our European growth strategy – Kraken received a registration from the Dutch Central Bank 🤝

We look forward to welcoming all the new Dutch clients that are looking for an easier, better & more secure crypto experience.

Read more ⤵️ https://t.co/9rG46vUyit

— Kraken Exchange (@krakenfx) February 8, 2024

Kraken will now be able to provide exchange and transfer services for virtual assets, along with offering custody and wallet services.

What is a VASP License?

A VASP license is a regulatory framework established to supervise enterprises offering services connected to digital assets in Europe.

Per the Regulation on Markets in Crypto-Assets, entities delivering digital asset services within the EU are obligated to adhere to various requirements. These include the prevention of money laundering, countering terrorist financing, and ensuring the disclosure and transparency of client information.

Kraken’s VASP Registration

The Dutch VASP license provided by the Dutch Central Bank is the latest in a string of European registrations received by Kraken. In addition to the Netherlands, the company also owns VASP licenses in Italy, Ireland, and Spain.

The exchange also offers its crypto services in Belgium through Payward Europe Solutions Limited, a subsidiary of the company.

Kraken cited the Netherlands’ high crypto adoption rates as a key factor in its decision to secure a Dutch VASP license, noting that around 20% of Dutch citizens own crypto. The exchange also praised the country for possessing a “vibrant startup and technology sector, a strong financial services industry, and the highest fintech adoption rate among developed economies.”

“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate,” said Brian Gahan, Managing Director of Europe for Kraken. “We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe.”

In October 2023, the exchange revealed it was set to acquire Coin Meester B.V., a Netherlands-based crypto exchange. The move is expected to go through after regulatory approval.