Kraken Secures E-Money License in EU, Expands Virtual Asset Services in Spain

Key Takeaways

Kraken receives E-Money Institution (EMI) license from the Central Bank of Ireland.

The company also registers as a Virtual Asset Service Provider (VASP) in Spain.

These authorizations are part of Kraken’s European expansion strategy.

Regulatory Milestones in European Expansion

San Francisco-based cryptocurrency platform Kraken has obtained an E-Money Institution (EMI) license from the Central Bank of Ireland, according to a Business Wire release dated September 26, 2023. Concurrently, Kraken has also secured registration with the Bank of Spain as a Virtual Asset Service Provider (VASP). These developments underscore Kraken’s commitment to regulatory compliance and its focus on European markets.

Enhanced Services in the EU and Spain

The EMI license, granted to Kraken’s Irish subsidiary, allows the firm to broaden its EUR fiat services in collaboration with European banks. This will benefit clients in the 27 European Union (EU) member states and European Economic Area (EEA) countries. In Spain, the new VASP registration enables Kraken to offer cryptocurrency exchange and custodial wallet services to Spanish residents.

Strategic Importance

Curtis Ting, Kraken’s Vice President of Global Operations, stated, “Today’s announcement marks another important milestone in our European expansion strategy.” He emphasized the company’s confidence in the European regulatory landscape and expressed gratitude towards the Central Bank of Ireland and the Bank of Spain for their “constructive approach to regulating industry growth.”

Company Overview

Founded in 2011, Kraken has a longstanding reputation for robust security and client service. Over the past year, the company has diversified its offerings, launching an NFT marketplace, the Kraken Pro advanced trading interface, and a revamped consumer web experience. Kraken serves more than 10 million clients globally, offering trading in over 200 digital assets and six national currencies.

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Kraken Irish Subsidiary Awarded VASP Authorization by Central Bank of Ireland

Kraken, one of the world’s leading cryptocurrency exchanges, has received some exciting news from its Irish subsidiary, Payward Europe Solutions. On April 18th, the Central Bank of Ireland awarded the company virtual asset service provider (VASP) authorization, making it only the third cryptocurrency outlet to be registered in the European Union (EU).

This authorization comes at a critical time for Kraken and other companies operating in the EU’s cryptocurrency market. The EU is set to conduct its final vote on the Markets in Crypto Assets (MiCA) regulation, which has been highly anticipated in the industry. The preliminary voting for the MiCA legislation showed overwhelming bipartisan support, indicating that it is likely to pass.

If the MiCA regulation is approved, it will require any company operating as a crypto assets service provider (CASP) in the EU to register with one of the union’s 27 authorized regulators. This means that any company that provides services like custody, exchange, or issuance of cryptocurrencies will have to be authorized by the EU regulators.

Kraken has positioned itself well by obtaining the VASP authorization for its Irish subsidiary Payward Europe Solutions. The company joins the ranks of other registered cryptocurrency outlets like Gemini and Coinbase. Gemini received its VASP authorization in July 2022, while Coinbase received its authorization in December of the same year.

Kraken has been one of the most successful cryptocurrency exchanges in the world since its inception in 2011. The company has a strong track record of providing reliable and secure trading services to its users. In recent years, Kraken has expanded its services to different parts of the world, with subsidiaries operating in different countries.

Payward Europe Solutions, which is registered in Dublin, Ireland, is one of Kraken’s most important subsidiaries. The company offers trading services for different cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. With the VASP authorization, the company is now authorized to provide these services in compliance with the EU’s regulatory requirements.

The MiCA regulation is expected to bring significant changes to the cryptocurrency market in the EU. It will improve investor protection by setting high standards for cryptocurrency service providers. The regulation will also create a level playing field for all players in the industry, as it will apply to all companies that provide crypto services.

Overall, Kraken’s VASP authorization for its Irish subsidiary Payward Europe Solutions is a significant milestone for the company. The authorization shows that Kraken is committed to complying with the EU’s regulatory requirements and providing top-notch services to its users. It also positions the company well in the highly competitive EU cryptocurrency market.


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