Kraken, the renowned cryptocurrency exchange, has taken significant regulatory steps in Spain and Ireland.
The exchange recently secured a virtual asset service provider registration from Spain’s central bank,Banco de España. This registration will pave the way for Kraken to offer cryptocurrency exchange and custodial wallet services to the Spanish populace.
In addition to its Spanish endeavors, Kraken has secured an Electronic Money Institution (EMI) license from the Central Bank of Ireland. This license will facilitate Kraken in broadening its Euro fiat services in collaboration with banks, not only in Ireland but also across the European continent.
These regulatory advancements come at a time when exchanges are keenly eyeing European expansion, especially since the European Union has provided clearer guidelines on its crypto regulatory stance.
Notably, Coinbase, another crypto exchange, has also registered in Spain recently. Furthermore, the European Union’s comprehensive legislation for cryptocurrency, known as the markets in crypto assets regulation (MiCa), is slated to be implemented in 2024.
Curtis Ting, Kraken’s Vice President of Global Operations, expressed his optimism about the crypto landscape in Europe.
“We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence.” he stated.
He further expressed gratitude towards the proactive regulatory approach adopted by the Central Bank of Ireland and the Bank of Spain. Ting emphasized Kraken’s eagerness to integrate into the dynamic fintech sectors of both Ireland and Spain and reiterated the exchange’s commitment to investing more broadly in Europe.