Kraken management reported that the Central Bank of Ireland issued a license to the local division of the exchange to conduct transactions with electronic money (EMI). Thanks to this license, the exchange will be able to conduct fiat transactions with the euro in partnership with European banks. The services will apply to customers from 27 member countries of the European Union and the European Economic Area.
Kraken has also registered with the Bank of Spain as a virtual asset service provider (VASP). This will allow the trading platform to offer cryptocurrency exchange and storage services to Spanish residents. In April, the exchange received a VASP license from the Irish and Italian regulators. Kraken said it intends to expand its presence in Europe while complying with regulatory requirements. Recently, the cryptocurrency exchange Coinbase received permission from the Bank of Spain to operate in the country.
“We see Europe as a strong foundation for the development of cryptocurrencies with forward-looking regulation. We are grateful to the Central Bank of Ireland and the Bank of Spain for their constructive approach to the supervision of financial technologies and cryptocurrencies. We are committed to investing in European businesses and will focus on introducing cryptocurrencies in Europe in the coming years,” said Kraken Vice President of International Operations Curtis Ting.
European legislators are paying particular attention to the regulation of digital assets. In April, the European Parliament approved a bill to regulate cryptocurrencies in the European Union (MiCA), which should come into force in 2024.
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