April 19, 2024
Kraken secures key licenses across Europe
Latest Cryptocurrency News

Kraken Gains Regulatory Green Light in Ireland and Spain for Crypto Expansion

Kraken, a cryptocurrency exchange, has been granted an Electronic Money Institution (EMI) license by the Central Bank of Ireland and received registration as a virtual asset service provider (VASP) from the Bank of Spain.

In accordance with the announcement made on September 26th, the EMI license allows Kraken to extend its euro-to-crypto trading services to 27 member states of the European Union (EU) and countries within the European Economic Area (EEA). Additionally, the VASP registration in Spain permits Kraken to provide exchange and wallet custodial services to residents of Spain. Kraken has also secured VASP registration in Italy and Ireland.

Curtis Ting, the vice president of global operations at Kraken, expressed optimism about the crypto landscape in Europe, citing the progressive regulatory environment that allows them to expand confidently. Currently, Kraken supports over 200 trading pairs spanning six fiat currencies, including the British pound, euro, U.S. dollar, Canadian dollar, Swiss franc, and Australian dollar.

On September 21st, Kraken faced a lawsuit from the Australian Securities and Investments Commission (ASIC) over allegations concerning its Australian subsidiary, Bit Trade, not making market determinations prior to offering margin trading services. Jonathon Miller, the managing director of Kraken’s Australian operations, expressed surprise at ASIC’s actions, as he believed Bit Trade was in compliance with local regulations. Earlier in the year, Kraken had sought restricted dealer registration in Canada to adhere to new regulations mandating VASPs to register with securities administrators or risk expulsion. Following these new rules, exchanges like Binance and OKX chose to exit the Canadian market.

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