Kraken secures EMI license in Ireland, VASP registration in Spain

Kraken praised European regulation in its announcement

September 26, 2023 11:50 am

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Kraken received an EU e-money institution license from the Central Bank of Ireland as well as a virtual assets service provider registration from the Bank of Spain on Tuesday.

As part of the EMI license, Kraken can now expand its EUR fiat services with European bank partners — both in the European Union and the European Economic Area.

The VASP registration in Spain allows Kraken to offer both exchange and custodial wallet services to Spanish residents.

On Monday, Coinbase received VASP registration from the Bank of Spain, allowing it to also offer custodial wallet and exchange services.

“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,” Curtis Ting, Kraken’s vice president of global operations, said in a statement emailed to Blockworks.

“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 April, Kraken announced that its Irish subsidiary, Payward Europe Solutions Limited, registered as a VASP with the Central Bank of Ireland. A few months later, in August, crypto payment company MoonPay also announced its VASP registration in Ireland.

As part of the announcement, Kraken’s Mark Jennings said, “Clear and effective regulation is essential for the mainstream adoption of cryptocurrencies.”

Outside of its European expansion, Kraken launched its NFT marketplace in June. The exchange had initially launched a private beta version of the marketplace in October 2022.

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