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Kraken's Strategic Regulatory Moves for Expansion in Spain and Ireland

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Sep 27, 2023 at 11:46 am

Kraken's European expansion has reached a significant milestone. The cryptocurrency exchange has secured a virtual asset service provider registration from Spain's central bank. This designation now empowers Kraken to extend its services, including crypto exchange and secure custodial wallet solutions, to residents in Spain. Additionally, Kraken's subsidiary in Ireland has obtained an e-money institution (EMI) license from the Irish central bank. This pivotal license opens the door for Kraken to broaden its EUR fiat services, working in tandem with banking partners not only in Ireland but also across the wider European landscape.

This strategic move mirrors a broader trend among crypto exchanges, which are increasingly seeking to establish a stronger foothold in Europe. This comes in response to the European Union's recent clarification of its regulatory stance on cryptocurrencies. Notably, Coinbase has also secured registration in Spain. The upcoming implementation of the EU's comprehensive regulatory framework for crypto, known as the markets in crypto assets regulation (MiCa), in 2024 further emphasizes the significance of these strategic expansions.

Curtis Ting, Vice President of Global Operations at Kraken, expressed confidence in the crypto landscape of Europe, citing the forward-thinking regulatory environment that provides a solid foundation for growth. He also commended the constructive approach taken by the Central Bank of Ireland and the Bank of Spain in regulating industry growth. Ting emphasized Kraken's eagerness to become an integral part of the dynamic local fintech ecosystems in both Ireland and Spain, while also reaffirming the company's commitment to ongoing investments in Europe as a whole.

Read more: Coinbase Crypto Advocacy Drive: Empowering 52 Million

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