- The license will let Kraken expand its EUR fiat services in partnership with European banks
- Kraken also registered as a Virtual Asset Service Provider with the Bank of Spain
Leading crypto exchange Kraken has been licensed by the Central Bank of Ireland as an E-Money Institution (EMI) and also registered with the Bank of Spain as a Virtual Asset Service Provider (VASP), Bankless Times learned from a press release.
These new developments draw attention to Kraken’s ongoing commitment to growing its business in Europe after its 2022 expansion in the Middle East.
Growing fiat services in partnership with banks
The EMI license, which the Bank of Ireland granted to Kraken’s local subsidiary, will allow the exchange to expand its EUR fiat services in partnership with European banks. This applies to clients in all European Union (EU) member states as well as the European Economic Area (EEA), which is a crucial growth region for the exchange.
Crypto exchange and custodial services
The exchange’s Spanish VASP registration lets it provide custodial wallet and cryptocurrency exchange services to clients in Spain. Kraken recently received VASP registrations in Italy and Ireland. The licenses testify to Kraken’s ongoing commitment to European expansion and regulatory compliance.
Curtis Ting, Kraken’s Vice President of Global Operations, commented:
We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain.
A compelling value proposition for clients in Europe
Mr. Ting added that Kraken’s leading position in volume and liquidity for EUR crypto pairs, solid security, and 24/7 live customer service provide a compelling value proposition for future clients in Europe. The exchange is committed to an ongoing investment in its European business.
A track record for security and customer service
Kraken has a long-standing tradition in customer service and robust security, which spans more than a decade. They make continuous investments in expanding and enhancing their product range. Kraken introduced an NFT marketplace and Kraken Pro, an advanced trading interface, in the past year.
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