Kraken’s European expansion takes the platform to Spain and Ireland

Crypto exchange Kraken has made the next step in its expansion throughout Europe, this time by becoming available in Ireland and Spain.

The San Francisco-based exchange announced on September 26 that it had received an e-money institution (EMI) authorization from Ireland’s central bank to operate in the country. At the same time, the exchange also noted that it registered as a virtual asset service provider with the Bank of Spain, which officially granted it access to this country as well.

New licenses are opening doors for broader European expansin

Kraken explained that these have been strategic authorizations that will help with the expansion of its services within the EU. The platform has had a goal of establishing its presence in Europe for a long time, and now, it finally managed to cement its presence.

Kraken’s VP of Global Operations, Curtis Ting, said as much in his statement. Ting said: “Today’s announcement marks another important milestone in our European expansion strategy. We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence.”

Thanks to the EMI license, the exchange will have an opportunity to expand the euro-based services of its local subsidiary. In other words, its European branch will now be allowed to seek banking partnerships, and, eventually, take its services to 27 other countries that are a part of the European Union and belong to the European Economic Area (EEA).

As for the VASP registration that Kraken achieved in Spain, it will play a major role in the exchange’s expansion, as well. The registration will act as local authorization, allowing Kraken to offer its custodial and exchange services to Spanish citizens.

Apart from Spain, Kraken was also successful in obtaining the VASP registration in Italy, and also in Ireland. Ting commented on this as well, stating that the exchange is grateful for the constructive approach to regulating industry growth that the central banks of Spain and Ireland have set into place.

Both countries have vibrant fintech sectors, and Kraken is excited to join them. However, this is not the end of its expansion, as the exchange is looking forward to continuing its investment in Europe, even more broadly than before.

Kraken has a lot to bring to European crypto markets

The exchange has a lot to offer, as Ting stressed, citing things like “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.”

However, while the platform is thriving in Europe, its subsidiary in Australia is facing a lawsuit brought by the local financial regulator, as it was accused of violating the design and distribution obligations for the margin trading product.