Crypto exchange Kraken‘s expansion plans in Europe have taken a big leap forward as they secure pivotal regulatory approvals in Spain and Ireland. With an EU e-money license in hand, the crypto platform is optimising its strategic growth and offering digital asset exchange and custodial wallet services for citizens.
Kraken’s pioneering registration with the Bank of Spain for a Virtual Asset Service Provider (VASP) license is resonating the positive vibes across the crypto sphere. Curtis Ting, Kraken’s Vice President for Global Operations, in his comments on the announcement, shared their aspiration of emerging as a vital player in both the nations. Assuring more European investments in the pipeline, he highlighted the strong foundation for crypto in Europe, which, with a futuristic approach to regulation, offers a secure growth trajectory.
The fact that Kraken has been granted VASP licenses in Italy and Ireland earlier contributes to the clarity and certainty in their expansion strategy. The company, expressing their gratitude for the supportive approach held by the Central Bank of Ireland and the Bank of Spain, reiterated their excitement about becoming an integral part of the vibrant local fintech sectors in Ireland and Spain.
Adding further, the approval of the E-money institution (EMI) license by Ireland’s central bank for the exchange subsidiary is another strategic advantage in Kraken’s portfolio. Collaborating with local banks, this license will amplify their financial services while extending the fiat services. It also facilitates access to 27 EU countries and Economic Areas.
As the company strategises on the expansion of their services into diverse web3 domains like non-fungible tokens, they underscore the pivotal role of security. Amidst market volatility, they maintain a healthy balance between client services offering across EUR pairs and meeting high-end security standards. Curtis pointed out their commitment to ongoing investment to boost Europe’s crypto acceptance in the years ahead.
The recent legislative developments, including the Markets in Crypto Assets (MiCA), and crypto-conducive markets and policies, have drawn other firms, including Coinbase, towards Europe for expansion plans. Embodying clear regulatory rules and with the milestone conclusion of its registration in Spain, Coinbase has planned a global crypto extension focusing on the UK, Hong Kong, Brazil, and the EU.
Taking a leaf out of these developments, Ripple’s co-founder has applauded the UK’s fintech landscape, finding strong resemblance to Silicon Valley. Subtly, these instances exemplify Europe’s positioning as the happening place for crypto expansion, growth and adaptations in the near future.
Source: Cryptonews
