Kraken Secures VASP License, Expands to Ireland for Crypto Adoption
• Kraken Crypto Exchange has secured a Virtual Asset Service Provider License (VASP) with Central Bank of Ireland (CBI).
• The license allows Kraken to launch crypto operations across Europe via its Irish subsidiary, Payward Europe Solutions Limited.
• Clear and effective regulation is essential for the mainstream adoption of crypto in Europe.
Kraken Secures VASP License from Central Bank of Ireland
Kraken crypto exchange has announced that it has successfully secured a Virtual Asset Service Provider (VASP) license with the Central Bank of Ireland (CBI). This license will allow Kraken to launch its crypto operations across Europe via its new Irish subsidiary, Payward Europe Solutions Limited.
Expansion into European Market
With this milestone, Kraken is now able to expand its operations into the European market and foster digital assets adoption there. Mark Jennings, Head of European Operations at Kraken commented on this development saying “Clear and effective regulation is essential for the mainstream adoption of crypto. As we bring innovative products and services to market, we’re committed to continuing to work with European regulators to operate compliantly under sensible, forward-looking cryptoasset regulation.”
Sensible Crypto Regulation Essential for Mainstream Adoption
The US crypto space is being choked by harsh laws and enforcement actions by regulators like Gary Gensler’s Securities and Exchange Commission (SEC), making it difficult for businesses in this sector. However, Europe is taking a different approach towards regulating digital assets with the Markets in Crypto Assets (MiCA) regulation recently approved by the European Union in March 2021. This regulatory framework sets out clear rules regarding anti-money laundering and investor protection regulations.
Regulatory Compliance Demonstrated By Kraken
Kraken’s successful application for a VASP license demonstrates its commitment towards regulatory compliance when it comes to cryptocurrency exchanges operating within the region. Furthermore, this move further emphasizes that clear regulations are necessary if we want digital assets to become more widely adopted among mainstream users within Europe.
Kraken’s recent success in securing a VASP license from CBI shows their commitment towards driving cryptocurrency adoption all throughout Europe while also adhering to anti-money laundering regulations set out by authorities there. With these steps being taken towards fostering innovation within the region as well as providing necessary investor protections, we can expect more people turning towards cryptocurrencies in the near future.