Bank AI

David Vance

Bitcoin

Coin

<![CDATA[<figure class="image"><img src="https://cimg.co/news/126067/332871/adobestock-452038109-edit.jpg" srcset="https://cimg.co/news/126067/332871/responsive-images/adobestock-452038109-edit___media_library_original_1066_800.jpg 1066w, https://cimg.co/news/126067/332871/responsive-images/adobestock-452038109-edit___media_library_original_900_675.jpg 900w, https://cimg.co/news/126067/332871/responsive-images/adobestock-452038109-edit___media_library_original_720_540.jpg 720w, https://cimg.co/news/126067/332871/responsive-images/adobestock-452038109-edit___media_library_original_600_450.jpg 600w, https://cimg.co/news/126067/332871/responsive-images/adobestock-452038109-edit___media_library_original_300_225.jpg 300w" width="1066" class="content-img" alt=""><figcaption>Source: Adobe/sdx15</figcaption></figure><a href="https://cryptonews.com/reviews/kraken/">Kraken</a>, a San Francisco-based cryptocurrency exchange, has announced its intention to acquire Coin Meester B.V. (BCM) in the Netherlands.On October 5, in a <a href="https://blog.kraken.com/news/kraken-to-acquire-dutch-crypto-broker-bcm-in-commitment-to-grow-european-business">blog post</a>, Kraken emphasized that the planned acquisition "highlights our commitment to growing our business in Europe" and underlined its intention to leverage its strong financial position and highly competitive product offering.Kraken CEO David Ripley said:<blockquote>"The Netherlands has one of the world's most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans."</blockquote>BCM, a well-established registered crypto broker founded in 2017, which recently rebranded from Bitcoin Meester, has built a strong reputation in the Netherlands by offering services for buying, selling, and staking cryptocurrencies.&nbsp;As a Dutch cryptocurrency service provider registered with De Nederlandsche Bank (DNB), Coin Meester B.V. (BCM) has established itself as a reliable platform for Dutch users. Offering access to a wide array of over 170 cryptocurrencies and boasting a robust local funding infrastructure, BCM has earned the trust of users in the Netherlands.&nbsp;<blockquote>"The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM's clients to benefit from an even more robust product offering."</blockquote><h2 id="kraken-s-acquisition-of-coin-meester-b-v-set-to-strengthen-presence-in-the-netherlands">Kraken's Acquisition of Coin Meester B.V. Set to Strengthen Presence in the Netherlands</h2>While the financial specifics of the deal remain undisclosed, the planned acquisition is expected to bolster Kraken's footprint in the Netherlands. Additionally, clients of BCM, one of the Netherlands' oldest and most respected registered crypto brokers, will gain access to Kraken's comprehensive product range, industry-leading liquidity, elevated security standards, and round-the-clock client support.BCM co-founder and CEO Mitchell Zandwijken said:&nbsp;<blockquote>"We founded BCM because we wanted to make crypto accessible to everyone. Kraken is the pioneer in this field, with a track record spanning well over a decade, making it the perfect steward of our business going forward. Our clients will benefit from all that crypto has to offer through Kraken's continuous investment and innovation."</blockquote>Furthermore, Kraken's planned acquisition of BCM is strategically aligned with the European Commission's introduction of the Markets in Crypto-Assets (MiCA) regulatory framework. MiCA provides a clear regulatory framework for the crypto industry in the Netherlands and Europe as a whole. This regulatory clarity not only benefits industry participants like Kraken but also ensures that consumers have access to more competitive and secure crypto products and services.<h2 id="kraken-s-european-expansion-strategy-emphasizes-compliance-with-regulatory-frameworks">Kraken's European Expansion Strategy Emphasizes Compliance with Regulatory Frameworks</h2>Kraken is making significant strides in expanding its business in compliance with European regulations. This move aligns with their existing VASP (Virtual Asset Service Provider) licenses in Ireland, Italy, and Spain. Additionally, Kraken is in the process of seeking registrations in other key European markets. It's important to note that the acquisition deal with BCM is contingent on obtaining regulatory approval, including clearance from the Dutch central bank. This underscores the commitment of <a href="https://en.bcmtoday.com/news/bcm-bundelt-krachten-met-wereldwijd-toonaangevend-crypto-platform-kraken">both</a> companies to adhere to the regulatory framework in the Netherlands.Kraken's strategic moves to establish a more extensive presence in Europe include significant regulatory steps in Spain and Ireland. One of these critical steps involved Kraken obtaining an <a href="https://cryptonews.com/news/kraken-expands-presence-in-europe-obtains-eu-e-money-license-to-offer-services-in-spain-and-ireland.htm">EU e-money license</a>, which opened up opportunities for expansion.Furthermore, the exchange achieved another milestone by successfully registering with the Bank of Spain for a Virtual Asset Service Provider (VASP) license.These developments align with a broader trend where various firms have announced their plans for European expansion. This trend is attributed to the presence of favorable markets, policies, and regulators in Europe.It's worth noting that the recent successes of crypto firms in Europe are closely tied to the emergence of landmark crypto legislation known as the Markets in Crypto Assets (MiCA). This legislation provides a comprehensive framework for regulating various aspects of the cryptocurrency industry, including exchanges, stablecoins, and other Web3 services.
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Kraken Announces Acquisition of Coin Meester B.V. in Move Towards European Expansion

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