Technology

Kraken Lands Approval to Operate in Spain and Ireland – Crypto News

Published

2 years ago

September 26, 2023

Dripp

In a significant development for the crypto industry, Kraken, one of the world’s leading crypto exchanges, has received regulatory approval to operate in both Spain and Ireland.

Charting Encompassing Market Expansion

These regulatory approvals mark a crucial step forward for Kraken as it continues to strengthen its foothold in the European crypto market. Kraken highlighted in a statement that its subsidiary in Ireland has obtained an E-Money Institution (EMI) license, granted by the Central Bank of Ireland.

This authorization enables Kraken to expand its Euro fiat services in collaboration with European banks. As a result, Kraken noted that it can now offer its services to clients in all 27 European Union (EU) member states and European Economic Area (EEA) countries.

Additionally, the trading platform stated that it has secured a Virtual Asset Service Provider (VASP) registration in Spain, allowing it to provide crypto exchange and custodial wallet services to Spanish residents. Kraken’s commitment to regulatory compliance is evident through these licenses, as it ensures that its operations adhere to the evolving crypto regulations in these countries.

Kraken’s decision to obtain licenses in Ireland and Spain follows a recent announcement regarding the rollout of support for PayPal deposits in the UK and Europe highlights the crypto exchange’s efforts to expand its services and accessibility in these regions.

Kraken Expansion: Key Implications

Kraken’s recent expansion in Europe, as well as its introduction of PayPal deposits for users in the UK and various European countries, reflects the broader trend of crypto exchanges seeking to establish a more significant presence in the European market.

Kraken’s move mirrors the efforts of other major exchanges, such as Coinbase, to capitalize on the favorable regulatory environment and growing interest in cryptocurrencies across the European continent.

Coinbase, a prominent US-based exchange, has been actively pursuing greater market penetration in Europe. The company recognizes the importance of expanding its footprint in a region where regulators have been proactive in providing regulatory clarity for cryptocurrency-related businesses and digital payment services.

Europe’s progressive stance on crypto regulation has created a conducive environment for exchanges like Coinbase to expand their offerings and attract a more diverse customer base.