Crypto exchange Kraken has received authorisation from the Central Bank of Ireland (CBI) as an E-Money Institution (EMI). Having achieved virtual asset service provider authorisation from the CBI in April, Kraken has now also been authorised as a VASP in Spain.
Kraken said in its blog, “The EMI license, granted to our subsidiary in Ireland, enables us to expand our EUR fiat services in partnership with European banks. This extends to clients in the 27 European Union member states and European Economic Area countries – a key growth region for the company.”
The company said its VASP registration in Spain allows it to offer cryptocurrency exchange and custodial wallet services to Spanish residents, following similar in Ireland and Italy. These licenses are testament to an ongoing commitment to regulatory compliance and European expansion, it said.
“Today’s announcement marks another important milestone in our European expansion strategy,” said Curtis Ting, Kraken’s Vice President of Global Operations. “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.”
“Our market-leading position in liquidity and volume for EUR crypto pairs, round-the-clock live client service and robust security bring a compelling value proposition for future clients in Europe. We’re committed to the ongoing investment in our European business as we continue our efforts to advance the adoption of crypto within Europe in the years ahead,” said Ting.