Saturday, April 20, 2024

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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