Kraken Secures Licenses in Europe, Expands Services

EMI License for Euro-to-Crypto Trading

Leading cryptocurrency exchange Kraken has been granted an Electronic Money Institution (EMI) license by the Central Bank of Ireland. This license allows Kraken to provide euro-to-crypto trading services across 27 European Union member states and European Economic Area countries.

VASP Registration in Spain and Beyond

Kraken has also received registration as a virtual asset service provider (VASP) from the Bank of Spain. This enables the exchange to offer exchange and wallet custodial services to residents in Spain. In addition to Spain, Kraken is registered as a VASP in Italy and Ireland.

Supporting Multiple Fiat Currencies

Kraken's platform currently supports over 200 trading pairs across six fiat currencies: the British pound, euro, U.S. dollar, Canadian dollar, Swiss franc, and Australian dollar.

Positive Outlook for Crypto in Europe

Curtis Ting, Kraken's vice president of global operations, expressed optimism about the future of crypto in Europe, stating: "We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence."

Legal Challenges Down Under

On September 21, Kraken faced legal action from the Australian Securities and Investments Commission (ASIC) over allegations that its Australian subsidiary, Bit Trade, failed to comply with market regulations regarding margin trading services. Jonathon Miller, managing director of Kraken's Australian operations, argued that Bit Trade had been following local regulations and the ASIC's move came as a surprise.

Canada and Restricted Dealer Registration

Kraken has applied for restricted dealer registration in Canada to comply with new rules that require all VASPs to register with securities administrators. Failure to do so may result in expulsion from the country. Following the new ruling, exchanges such as Binance and OKX decided to cease operations in Canada.