San Francisco-based cryptocurrency exchange Kraken, has achieved significant regulatory approvals in Europe, marking a major step in its expansion strategy on the continent. The Central Bank of Ireland has authorized Kraken as an e-money institution (EMI), while the Bank of Spain has registered it as a virtual asset service provider (VASP).
These developments underline Kraken’s intent to broaden its European footprint. The EMI license enables Kraken’s Irish subsidiary to collaborate with European banks, enhancing its euro fiat services for customers across the EU and the European Economic Area (EEA). This region is a pivotal growth area for the crypto exchange.
Additionally, the VASP registration allows Kraken to offer cryptocurrency exchange and custodial wallet services to Spanish residents, bolstering its commitment to regulatory adherence, evidenced by similar registrations in Ireland and Italy.
Curtis Ting, Kraken’s Vice President of Global Operations, lauded these approvals as milestones in the company’s European expansion journey. He praised Europe’s progressive crypto regulations and expressed gratitude towards the Irish and Spanish central banks for their constructive approach to industry growth.
Kraken’s European endeavors align with a broader trend among U.S. exchanges seeking growth in regions with clear crypto regulations. Coinbase, a leading U.S. exchange, is also pursuing expansion in jurisdictions with defined regulatory frameworks, contrasting the U.S.’s enforcement-centric approach.
Kraken is positioning itself as a secure, customer-centric platform with a decade-long track record. The exchange, renowned for its liquidity and volume in euro-crypto pairs, is poised to leverage these strengths to attract European clients and promote crypto adoption across the region.