Cryptocurrency exchange Kraken has received a Virtual Asset Service Provider (VASP) license from the Central Bank of Ireland, the country’s financial services regulator.

Kraken has registered its Irish subsidiary Payward Europe Solutions with the Central Bank of Ireland (CBI) as a virtual asset service provider, according to data posted on the cryptocurrency exchange’s official blog. Commenting on the event, the exchange team noted that the VASP registration, which was introduced in Ireland in 2021, requires the authorities to check crypto companies to make sure they have effective enough ways to fight money laundering and counter terrorist financing.

“The successful licensing of Payward Europe Solutions in Ireland confirms the compliance of Kraken’s control activities with the requirements of the European Digital Asset Market,” said Mark Jennings, Head of Kraken Europe.

The VASP license will allow Kraken to operate legally in Ireland, including holding, clearing, executing trades, pricing and managing a portfolio of assets. In addition, licensing from the European regulator will provide the exchange with access to the national financial and technical personnel reserves of the European Union through the creation of strategic alliances with fintech companies and the EU banking infrastructure.

Kraken previously confirmed its intention to open its own banking institution. The statement was made against the backdrop of the refusal of the exchange from the services of Signature Bank, which was under investigation by US law enforcement agencies.