Kraken, the leading cryptocurrency exchange, has cleared a regulatory hurdle in Ireland, registering its subsidiary Payward Europe Solutions Limited with the Central Bank of Ireland as a Virtual Asset Service Provider (VASP).
This comes as the European Parliament voted on the Markets in Crypto Assets (MiCA) regulation, aimed at establishing a formal regulatory framework for the digital asset industry. The regulation is expected to pass, allowing crypto exchanges and digital wallet companies to offer regulated services, and stablecoin issuers to hold significant reserves. The regulation also requires crypto exchanges to register with a central bank of a member state, making Kraken’s regulatory approval in Ireland essential.
Kraken’s registration in Ireland ensures that it can continue to operate under the new regulatory regime in the EU. The exchange’s commitment to working with regulators in all jurisdictions shows its efforts to operate compliantly under sensible, forward-looking crypto asset regulation. Kraken’s Head of European Operations, Mark Jennings, said, “Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies.”
Kraken has been expanding its operations in Europe and plans to offer its services across the continent. The exchange aims to help bridge the gap between traditional finance and the digital asset industry, and its regulatory approval in Ireland is a significant step towards achieving this goal.
