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Crypto exchange <a href="https://cryptoslate.com/companies/kraken/" rel="noopener noreferrer nofollow">Kraken</a>&nbsp;has successfully secured licenses across two European countries, furthering its regional expansion plan. 
In a Sept. 26 statement to CryptoSlate, a Kraken spokesperson said it secured the European Union E-Money Institution (EMI) <a href="https://cryptoslate.com/kraken-gets-regulatory-approval-to-operate-in-ireland/" rel="noopener noreferrer nofollow">license</a> from the Central Bank of Ireland, which would&nbsp;broaden its EUR fiat services across all 27 European Union member states and the European Economic Area. 
Kraken also revealed its registration as a Virtual Asset Service Provider (VASP) with the Bank of Spain. 
This registration empowers the exchange to offer crypto trading and custodial wallet services in Spain, further cementing its presence in the European market. Moreover, Kraken has attained VASP status in Italy and Ireland, demonstrating a comprehensive approach to securing regulatory approvals across diverse European regions. 
Kraken’s Vice President of Global Operations Curtis Ting said: 
<blockquote> 
 “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.” 
</blockquote> 
This expansion into Europe occurs against regulatory uncertainties in Kraken’s home country, the United States. Earlier this year, the exchange <a href="https://cryptoslate.com/kraken-to-end-staking-in-30m-sec-settlement/" rel="noopener noreferrer nofollow">incurred</a> a $30 million fine related to its Ethereum (ETH) staking product. 
<h2 id="europe-s-crypto-reception">Europe’s crypto reception</h2> 
Europe’s crypto landscape starkly contrasts with that of the U.S., with European nations generally offering greater regulatory clarity concerning crypto assets. 
This trend is expected to continue with the impending implementation of the <a href="https://cryptoslate.com/eu-finance-ministers-unanimously-greenlight-mica-regulations/" rel="noopener noreferrer nofollow">Markets in Crypto Assets (MiCA) law,</a> set to take effect next year. MiCA aims to harmonize the European Union’s approach to crypto regulation and provide enhanced regulatory clarity for the continent. 
While the law has faced criticism, many view it as a more constructive alternative to the enforcement-centric regulatory approach observed in the United States. 
Several other exchanges are also actively pursuing licenses and registrations in Europe. Kraken’s major competitor, Coinbase, has <a href="https://cryptoslate.com/coinbase-secures-aml-license-from-the-bank-of-spain/" rel="noopener noreferrer nofollow">secured licenses</a> in Spain, the Netherlands, Italy, and Ireland. Binance, another major player, is <a href="https://cryptoslate.com/binance-reportedly-pulls-out-of-austria-shifts-focus-to-mica-compliance-in-europe/" rel="noopener noreferrer nofollow">working to regain</a> its foothold in the European market and has recently <a href="https://cryptoslate.com/binance-japan-and-mitsubishi-join-forces-for-stablecoin-development/" rel="noopener noreferrer nofollow">resumed operations</a> in Belgium following a temporary suspension. 
The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/kraken-expands-european-footprint-with-new-virtual-asset-licenses-in-ireland-and-spain/">Kraken expands European footprint with new virtual asset licenses in Ireland and Spain</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.

Kraken expands European footprint with new virtual asset licenses in Ireland and Spain

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CryptoSlate

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