It looks like Kraken can expand a lot in the EU these days. Check out the latest reports about the new events below.
Kraken expansion in the EU
Kraken announced on Tuesday that it has been given the green light to expand its services in Ireland and Spain.
The cryptocurrency exchange has been authorized by the central bank of Ireland to become an “E-Money Institution,” allowing Kraken’s subsidiary in Ireland to partner with European banks and expand its EUR fiat services throughout the 27 European Union member states and European Economic Area countries.
Additionally, Kraken has secured its Virtual Asset Service Provider (VASP) registration in Spain, enabling the company to offer cryptocurrency exchange and custodial wallet services to Spanish residents. This follows Kraken’s previous acquisition of VASP in Ireland and Italy.
“Today’s announcement marks another important milestone in our European expansion strategy,” Kraken Vice President of Global Operations Curtis Ting said in the statement. “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence.”
Earlier this month, Kraken announced that it was introducing the option for PayPal deposits for users based in the United Kingdom and Europe, with the exception of Hungary and Croatia.
Similarly, Coinbase, which is based in the United States, is also striving for more significant market expansion in Europe, where there is now better regulatory clarity regarding businesses related to cryptocurrency and digital payments.
In the United States, both Coinbase and Binance have come under regulatory scrutiny, which has put their interests in the world’s largest cryptocurrency market at risk.
Back in July, we were revealing the fact that according to Kraken’s chief legal officer, Marco Santori, the exchange carries out several compliance, cybersecurity, and legal reviews on all crypto assets before listing them for trading. Check out the previous article in order to learn more details.