[EMEA] Crypto exchange Kraken gains EU e-money licence

Kraken - the US-based cryptocurrency exchange - has boosted its European expansion by securing an e-money institution (EMI) licence from the Central Bank of Ireland, Fintech Futures reports.

In addition, the exchange has successfully registered as a virtual asset service provider (VASP) in Spain.

The Irish EMI approval will reportedly enable Kraken to expand its EUR fiat services through its regional subsidiary Payward Europe Solutions to clients in all 27 member states of the European Union. It describes the EU as “a key growth region”.

The exchange’s VASP registration in Spain - granted by the country’s central bank - will allow it to offer cryptocurrency and custodial wallet services to Spanish consumers. In April, Kraken secured VASP registration in Ireland through its subsidiary and also in Italy under the Organismo Agenti e Mediatori (OAM).

Curtis Ting - Kraken’s vice president of global operations - reportedly said the approval was an “important milestone” in its ongoing expansion strategy, attributing Europe’s “forward-looking regulation” to “a firm foundation for crypto”.

The exchange currently operates in the UK as a cryptoasset firm registered with the Financial Conduct Authority (FCA), where it offers spot trading and cryptoasset custody services via Payward and futures trading through its pure crypto derivatives platform Crypto Facilities. The latter was acquired as part of a nine-figure deal in February 2019.

In late 2022 the exchange reportedly announced that it was laying off around 30 per cent of its staff - 1,100 employees - due to the challenging macroeconomic climate. At the time, co-founder and CEO Jesse Powell said the decision would “allow us to sustain the business for the long term”.

Source: Fintech Futures

(Links and quotes via original reporting)

Kraken - the US-based cryptocurrency exchange - has boosted its European expansion by securing an e-money institution (EMI) licence from the Central Bank of Ireland, Fintech Futures reports.

In addition, the exchange has successfully registered as a virtual asset service provider (VASP) in Spain.

The Irish EMI approval will reportedly enable Kraken to expand its EUR fiat services through its regional subsidiary Payward Europe Solutions to clients in all 27 member states of the European Union. It describes the EU as “a key growth region”.

The exchange’s VASP registration in Spain - granted by the country’s central bank - will allow it to offer cryptocurrency and custodial wallet services to Spanish consumers. In April, Kraken secured VASP registration in Ireland through its subsidiary and also in Italy under the Organismo Agenti e Mediatori (OAM).

Curtis Ting - Kraken’s vice president of global operations - reportedly said the approval was an “important milestone” in its ongoing expansion strategy, attributing Europe’s “forward-looking regulation” to “a firm foundation for crypto”.

The exchange currently operates in the UK as a cryptoasset firm registered with the Financial Conduct Authority (FCA), where it offers spot trading and cryptoasset custody services via Payward and futures trading through its pure crypto derivatives platform Crypto Facilities. The latter was acquired as part of a nine-figure deal in February 2019.

In late 2022 the exchange reportedly announced that it was laying off around 30 per cent of its staff - 1,100 employees - due to the challenging macroeconomic climate. At the time, co-founder and CEO Jesse Powell said the decision would “allow us to sustain the business for the long term”.

Source: Fintech Futures

(Links and quotes via original reporting)