Kraken receives virtual asset service provider authorization in Ireland ahead of MiCA vote
Payward Europe Solutions, an Irish subsidiary of Kraken registered in Dublin, was awarded virtual asset service provider (VASP) authorization from the Central Bank of Ireland on April 18.
We’re pleased to announce that Kraken has successfully registered with the Central Bank of Ireland (CBI) as a Virtual Asset Service Provider (VASP), affirming our commitment to helping drive crypto adoption in Europe Learn more https://t.co/mowesdqEGj pic.twitter.com/C2ScvDhpa1
The VASP authorization comes at a critical time for Kraken. The European Union is scheduled to conduct its final vote on the long-awaited Markets in Crypto Assets (MiCA) regulation.
The MiCA legislation is expected to pass after preliminary voting showed overwhelming nonpartisan support. If it does, the resulting changes will require any company operating as a CASP — a crypto assets service provider — in the EU to register with one of the union’s 27 authorized regulators.
Kraken, or rather its Irish subsidiary Payward Europe Solutions, has received such qualification, becoming only the third cryptocurrency outlet to do so. Exchanges Gemini and Coinbase received their VASP authorization in July and December of 2022 respectively.
Related: Crypto in Europe: Economist breaks down MiCA and future of stablecoins
In a company blog post, Kraken’s head of European operations Mark Jennings lauded the Bank of Ireland’s decision, stating that “Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies.” Jennings also intimated that the designation was a testament to the company’s legitimacy:
Back in the U.S., the road’s been bumpier for the Kraken cryptocurrency exchange as it was forced to settle with the Securities and Exchange
Read more on cointelegraph.com
