Cryptocurrency exchange Kraken has announced plans to buy out Dutch crypto broker Coin Meester BV (BCM) to expand its presence in the Netherlands and Europe ahead of the full implementation of MiCA.

The deal will allow Kraken to strengthen its presence in the Netherlands, and BCM clients will be able to benefit from the exchange’s products and services. BCM was founded in 2017 and is considered one of the first registered crypto brokers in the Netherlands. BCM provides services for buying, selling and staking cryptocurrencies, supporting more than 170 digital assets. The acquisition of BCM will allow Kraken to expand its product line, increase liquidity and improve security for its expanded user base.

“The Netherlands is one of the most advanced economies in the world, embracing innovation and cryptocurrencies. Therefore, the Netherlands could become a key market for us to expand in Europe,” said Kraken CEO David Ripley.

He emphasized that this decision was made after the European Parliament approved the bill on regulation of cryptocurrencies in the European Union (MiCA), which will be fully implemented by 2024. MiCA will enable industry companies to confidently operate and invest in the EU, while giving consumers access to competitive products and services. At the same time, the main task of MiCA is to protect investors from the risks associated with cryptocurrencies and ensure the financial stability of the market.

Kraken has already received an electronic money transaction (EMI) license from the Central Bank of Ireland and is registered as a virtual asset service provider (VASP) with the Bank of Spain. Thanks to the Irish license, Kraken can offer services for conducting cryptocurrency transactions with the euro in the European Union.

Not all trading platforms are able to operate in the Dutch market. US cryptocurrency exchange Gemini recently announced it was leaving the Netherlands, promising to return once its business is ready to comply with MiCA.