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.

Image source: Shutterstock


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National Bank of Georgia Enhances Sanction Monitoring, Includes Virtual Asset Service Providers

The Acting President of the National Bank of Georgia, Archil Mestvirishvilistated that the bank has not only been monitoring the observance of financial sanctions but also expanded its oversight to virtual asset service providers. He made this declaration while presenting a report to the Parliament.

Mestvirishvili emphasized that last year the financial sector of Georgia showed particular commitment to counteracting money laundering and terrorism financing. This was evident when they aligned with sanctions imposed by the European Union, United States, and United Kingdom against Russia and Belarus.

“We have established a separate department for sanction monitoring. Compliance with sanctions, particularly in the financial sector, is extremely important. The National Bank is dedicated to observing these sanctions,” said Mestvirishvili.

Highlighting the importance of managing virtual assets, he referred to the law passed last year concerning virtual asset service providers. According to this law, the National Bank is empowered to monitor and supervise these service providers to prevent money laundering activities. Implementation of this oversight will become obligatory from September 1st of the current year.

Metsvirishvili’s comments underscore the Georgian financial sector’s commitment to upholding financial integrity and highlight the growing importance of virtual asset regulation in today’s financial landscape.


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