Kraken, the cryptocurrency exchange, has recently achieved significant milestones in its expansion strategy. Notably, Kraken has obtained an Electronic Money Institution (EMI) license from the Central Bank of Ireland, alongside securing a virtual asset service provider (VASP) registration from the Bank of Spain. These achievements underscore Kraken’s commitment to its European clientele.
The EMI license empowers Kraken to extend its euro-to-crypto trading services across 27 European Union member states and European Economic Area countries. Concurrently, the VASP registration in Spain has paved the way for Kraken to provide exchange and wallet custodial services to residents of Spain. It’s worth mentioning that Kraken has already acquired VASP registrations in Italy and Ireland, further solidifying its presence in these key markets.
Curtis Ting, Kraken’s Vice President of Global Operations, expressed optimism about the crypto landscape in Europe, praising the forward-looking regulatory environment that allows the platform to expand confidently. Currently, Kraken offers support for more than 200 trading pairs, spanning six fiat currencies: the British pound, euro, U.S. dollar, Canadian dollar, Swiss franc, and Australian dollar.
In a recent development, on September 21, Cointelegraph reported that Kraken found itself embroiled in a legal dispute with the Australian Securities and Investments Commission (ASIC). The allegations revolve around Kraken’s Australian subsidiary, Bit Trade, which is accused of failing to make necessary market determinations prior to offering margin trading services. Jonathon Miller, Managing Director of Kraken’s Australian operations, expressed surprise at ASIC’s actions, as he believed Bit Trade was in compliance with local regulations.
Notably, earlier this year, Kraken proactively sought restricted dealer registration in Canada to adhere to new regulations mandating VASPs to register with securities administrators or risk expulsion. This move was prompted by the departure of exchanges Binance and OKX from the Canadian market following the introduction of the new rules. Kraken remains committed to its global expansion while navigating the evolving landscape of cryptocurrency regulations.
