Spain and Ireland Welcome Kraken’s Expansion Following Vital Approvals

Kraken has made notable strides in expanding its crypto services across Europe. The crypto exchange has successfully secured a virtual asset service provider registration from Spain’s central bank. This move paves the way for Kraken to provide crypto trading and custodial wallet services to Spanish citizens.

In a parallel development, Kraken’s presence in Ireland is set to grow. The exchange’s subsidiary in the country has achieved an e-money institution (EMI) license from the Irish central bank. This license not only strengthens Kraken’s position in Ireland but also amplifies its ability to collaborate with banks and enhance its “EUR fiat services,” spanning both within the country and throughout Europe.

We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence.

Such expansions align with the broader trend in the crypto industry. European nations, especially since the European Union unveiled its clarified stance on crypto regulations, have been attracting exchanges. For instance, Coinbase recently marked its presence in Spain. Moreover, the EU’s forthcoming MiCa regulation, scheduled to come into play in 2024, solidifies the region’s approach to crypto assets.

Curtis Ting, who oversees global operations at Kraken, voiced his optimism about the venture. “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence,” he stated. Ting went on to add, “We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. 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.”