Kraken secures virtual asset service provider registration in Spain, Ireland

Kraken has secured a virtual asset service provider registration in Spain, marking another significant step for cryptocurrency exchanges expanding operations in Europe.

Crypto exchanges have recently been intensifying their efforts to expand within the European region. Kraken, one of the prominent global crypto exchanges, has made significant strides in this direction.

The exchange announced that it has secured a virtual asset service provider registration in Spain, granted by the country’s central bank. This move will soon permit Kraken to provide crypto exchange and custodial wallet services to Spanish residents, enhancing the accessibility and convenience of cryptocurrency transactions for them.

In a parallel development, Kraken’s Irish subsidiary has successfully obtained an e-money institution (EMI) license in Ireland. This license, issued by the Irish central bank, paves the way for the exchange to amplify its Euro fiat services, enabling closer collaborations with banks both within Ireland and across the broader European continent.

These advancements come in the background of the European Union’s (EU) sharpened focus on cryptocurrency regulation. The EU’s impending legislation – the Markets in Crypto Assets Regulation (MiCa) – is slated to come into effect in 2024.

This comprehensive legislation is poised to provide clearer directives and frameworks for crypto operations within the union. Recognizing the EU’s progressive approach, other exchanges, like Coinbase, have also marked their presence in Spain.

Curtis Ting, Kraken’s vice president of global operations, expressed his optimism about the regulatory climate in Europe: “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence.”

Extending Kraken’s eagerness to delve deeper into the European fintech landscape, Ting added, “In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly.”