Kraken moves toward a wider European presence with key regulatory steps in Spain and Ireland after it obtained an EU e-money license.
According to a press release on Sept 26, the exchange announced a progression in Europe after it successfully registered with the Bank of Spain for a Virtual Asset Service Provider (VASP) license.
“Today’s announcement marks another important milestone in our European expansion strategy.”
The license will allow the exchange to offer digital asset exchange and custodial wallet services to citizens. The move comes after it has already obtained VASP licenses in Italy and Ireland.
Curtis Ting, Kraken’s Vice President for Global Operations commenting on the announcement stated the firm hopes to become a major player in both countries as it plans more European investments.
“We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence. 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.”
In Ireland. the exchange’s subsidiary has been issued an EU e-money license by the country’s central bank. The license will bolster the firm’s financial services as it can now expand its fiat services in partnership with local banks.
The exchange is now certified as an E-money institution (EMI) which gives it access to 27 EU countries and Economic Areas.
Per the release, the company also stressed on its service expansion in diverse fields in web3 like non-fungible tokens without compromising security.
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