Tuesday, December 12, 2023

Kraken has acquired important licenses in Spain and Ireland

Cryptocurrency exchange Kraken has obtained an Electronic Money Institution (EMI) License from the Central Bank of Ireland and registration as a virtual asset service provider (VASP) from the Bank of Spain.

According to the announcement on September 26, The EMI license allows Kraken to expand its euro-to-cryptocurrency exchange services to the 27 member states of the European Union (EU) and countries of the European Economic Area (EEA). Meanwhile, VASP registration in Spain allows Kraken to offer exchange and wallet custody services to Spanish residents. The company is also registered as a VASP in Italy and Ireland.

Curtis Ting, Kraken’s vice president of global operations, commented: “We see a solid foundation for cryptocurrencies in Europe, with progressive regulation that allows us to grow with confidence.” The platform currently supports more than 200 trading pairs in six fiat currencies: the British Pound, the Euro, the US Dollar, the Canadian Dollar, the Swiss Franc and the Australian Dollar.

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On September 21, Cointelegraph reported that Kraken was sued by the Australian Securities and Investments Commission (ASIC) over allegations that its Australian subsidiary, Bit Trade, failed to make market determinations before offering margin services. . Jonathon Miller, managing director of Kraken’s Australian operations, said ASIC’s move was a surprise because he believed Bit Trade was complying with local regulations.

At the beginning of this year, Kraken has applied for strict dealer registration in Canada to comply with new rules requiring all VASPS to register with securities regulators or face expulsion. Exchanges such as Binance and OKX have left Canada following the new regulations.

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