Kraken crypto exchange has expanded operations to Europe via Ireland, after successfully securing a Virtual Asset Service Provider License (VASP) license in the region. Kraken will operate in the jurisdiction through its new subsidiary, Payward Europe Solutions Limited.
Jesse Powel’s Kraken crypto exchange has announced that it has successfully secured a Virtual Asset Service Provider (VASP) license with the Central Bank of Ireland (CBI).
With the license, Kraken can launch its crypto operations across Europe via its Irish subsidiary, Payward Europe Solutions Limited.
Kraken says its latest milestone of getting the approval of European authorities strongly indicates its adherence to anti-money laundering and compliance standards and its commitment to fostering digital assets adoption across Europe.
Clear and effective regulation is essential for the mainstream adoption of crypto. As we bring innovative products and services to market, we’re committed to working with European regulators to operate compliantly under sensible, forward-looking crypto asset regulation,” said Mark Jennings, Head of European Operations at Kraken.
“Clear and effective regulation is essential for the mainstream adoption of crypto. As we bring innovative products and services to market, we’re committed to continuing to work with European regulators to operate compliantly under sensible, forward-looking cryptoasset regulation.”
Europe laying the groundwork for mainstream crypto adoption
While the US crypto space is being choked by harsh laws and incessant enforcement actions by regulators like Gary Gensler’s Securities and Exchange Commission (SEC), with several market participants predicting an exodus of web3 businesses from the country, the story is not quite the same for Europe.
The Markets in Crypto Assets (MiCA) regulation, approved by the European Union Council and ECON last year, is scheduled to take effect in the spring of 2024, and aims to introduce clear-cut, uniform, and amenable crypto assets rules across the 27 EU member states.
MiCA is designed to foster crypto innovation and fair competition among market participants while protecting consumers, investors, and market integrity. With MiCA in the pipeline, more and more web3 businesses are expected to move to Europe in the coming months.
Ogwu Osaemezu Emmanuel
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