Kraken, the cryptocurrency platform, has achieved a significant milestone in its European expansion efforts by securing authorization from the Central Bank of Ireland as an e-money institution and registering with the Bank of Spain as a Virtual Asset Service Provider (VASP).
Kraken’s subsidiary in Ireland has been granted an Electronic Money Institution (EMI) license, which enables the platform to expand its EUR fiat services in collaboration with European banks. This expansion covers clients in all 27 European Union (EU) member states and European Economic Area (EEA) countries, marking a crucial growth region for Kraken.
Additionally, in Spain, Kraken’s new VASP registration permits it to offer cryptocurrency exchange and custodial wallet services to Spanish residents. This registration follows recent VASP registrations in Ireland and Italy. These licenses underscore Kraken’s unwavering commitment to regulatory compliance and its strategic focus on European expansion.
Kraken’s officials view this announcement as a significant milestone in their European expansion strategy, emphasizing the solid foundation for cryptocurrency growth in Europe, supported by forward-looking regulations that enable confident expansion. They expressed gratitude for the Central Bank of Ireland and the Bank of Spain’s constructive approach to regulating industry growth.
Kraken has a long-standing reputation for robust security and exceptional client service, spanning over a decade. The platform continues to invest in enhancing and expanding its offerings, with recent launches including its NFT marketplace, the Kraken Pro advanced trading interface, and an improved consumer web user experience in 2022.
With its strong position in liquidity and volume for EUR crypto pairs, round-the-clock live client support, and robust security measures, Kraken offers a compelling value proposition for prospective clients in Europe. The company remains committed to ongoing investments in its European business as it works towards advancing cryptocurrency adoption throughout Europe in the years to come.