Kraken EU expansion gains traction with Ireland and Spain authorizations

Quick Take

  • Cryptocurrency trading platform Kraken has become and authorized “E-Money Institution” in Ireland, while also registering as a Virtual Asset Service Provider in Spain.
  • In comparison to the U.S., Europe has demonstrated increased regulatory clarity when it comes to the development of the digital assets market.

Kraken has been cleared to expand the service it provides in both Ireland and Spain, the company said Tuesday in a statement.

The cryptocurrency exchange said it has received authorization from Ireland's central bank to be listed as an "E-Money Institution." 

"The EMI license, granted to Kraken’s subsidiary in Ireland, enables Kraken to expand its EUR fiat services in partnership with European banks," the company also said. "This extends to clients in the 27 European Union member states and European Economic Area countries."

In Spain, Kraken said its newly secured Virtual Asset Service Provider, or VASP, registration will permit it to offer "cryptocurrency exchange and custodial wallet services to Spanish residents." The advancement follows Kraken previously obtaining VASP in both Ireland and Italy, the company also said.

“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."


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Europe expansion 

Kraken said earlier this month that it was rolling out support for PayPal deposits for users in the UK and Europe, excluding Hungary and Croatia. 

Like Kraken, U.S.-based exchange Coinbase is pursuing greater market penetration in Europe, where regulators have provided increased regulatory clarity related to crypto-related businesses and digital payments. In the U.S,. both Coinbase and Binance have faced scrutiny from regulators, which has in turn threatened their interests in the world's largest market for crypto.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.


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