San Francisco-headquartered Kraken has cemented its European presence with an e-money institution (EMI) authorization from the Central Bank of Ireland and registration with the Bank of Spain as a virtual asset service provider (VASP).
EU Registrations of Kraken
Announced yesterday (Tuesday), the authorizations are strategic and will help the American crypto exchange to expand its services and offerings within the European Union. It also came as a part of the exchange’s long-standing goal to establish a European presence.
“Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, Kraken’s Vice President of Global Operations. “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence."
Path to a Pan-European Market
The exchange detailed that Ireland’s EMI license will enable its local subsidiary to expand its euro-based services with banking partnerships. It can take these services to the 27 European Union member states and European Economic Area (EEA) countries.
The Spanish VASP registration will instead act as local authorization as it will allow Kraken to offer crypto exchange and custodial services to the residents in the country. The exchange with headquarters in America has additionally obtained VASP registration in Ireland and Italy earlier.
“We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain,” Ting added. “In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly.”
“Our market-leading position in liquidity and volume for EUR crypto pairs, round-the-clock live client service, and robust security bring a compelling value proposition for future clients in Europe. We’re committed to the ongoing investment in our European business as we continue our efforts to advance the adoption of crypto within Europe in the years ahead.”
Meanwhile, the Australian subsidiary of Kraken is facing a lawsuit brought by the country’s regulator for violating its design and distribution obligations for the margin trading product. A Kraken spokesperson expressed “surprised and disappointed" with the enforcement action.
This article was written by Arnab Shome at www.financemagnates.com.
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