Kraken's European Expansion: Securing Key Licenses in Spain and Ireland
Kraken secures licenses in Spain and Ireland, empowering the exchange to expand its euro-to-crypto trading services to 27 European Union member states.
Kraken has successfully obtained an Electronic Money Institution (EMI) license from the Central Bank of Ireland. This license empowers Kraken to extend its euro-to-crypto trading services to 27 European Union member states and countries within the European Economic Area.
In addition to the Irish approval, Kraken has also received a virtual asset service provider (VASP) registration from the Bank of Spain. This registration paves the way for Kraken to offer both exchange services and wallet custodial services to the residents of Spain. It's noteworthy that Kraken has already secured VASP registrations in Italy and Ireland, further solidifying its presence in the European region.
Curtis Ting, Kraken's Vice President of Global Operations, expressed optimism about the European crypto market. He remarked:
"We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence."
Kraken's platform is renowned for its diverse offerings. With the recent licenses, the exchange is expected to further enhance its services in Europe. Currently, Kraken supports over 200 trading pairs, encompassing six fiat currencies, including the British pound, euro, U.S. dollar, Canadian dollar, Swiss franc, and Australian dollar.
While the recent licenses mark a positive development for Kraken, the exchange has faced its share of challenges. Recently, the Australian Securities and Investments Commission (ASIC) filed a lawsuit against Kraken, alleging that its Australian subsidiary, Bit Trade, did not make market determinations before introducing margin trading services. Jonathon Miller, the Managing Director of Kraken's Australian operations, expressed surprise at ASIC's move, asserting his belief that Bit Trade was in compliance with local regulations.
Furthermore, earlier in the year, Kraken sought restricted dealer registration in Canada, aligning with new rules that mandated all VASPs to register with securities administrators. This move was in response to the stringent regulations that led other exchanges, including Binance and OKX, to exit the Canadian market.