Crypto news

Kraken obtains money license registrations in Spain and Ireland.

Kraken, the cryptocurrency exchange, has recently secured an Electronic Money Institution (EMI) license from the Central Bank of Ireland and a virtual asset service provider (VASP) registration from the Bank of Spain.

With the EMI license, announced on September 26, Kraken can now expand its euro-to-crypto trading services to 27 European Union member states and European Economic Area countries.

Moreover, the VASP registration in Spain permits Kraken to offer exchange and wallet custodial services to residents in Spain.

Notably, the company is also registered as a VASP in Italy and Ireland.

Curtis Ting, the Vice President of Global Operations at Kraken, expressed confidence in Europe’s crypto-friendly regulatory environment, stating, “We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence.”

Currently, the Kraken platform supports over 200 trading pairs involving six fiat currencies, including the British pound, euro, U.S. dollar, Canadian dollar, Swiss franc, and Australian dollar.

In a surprising turn of events, on September 21, the Australian Securities and Investments Commission (ASIC) filed a lawsuit against Kraken, specifically targeting its Australian subsidiary, Bit Trade.

The allegations revolve around Bit Trade’s alleged failure to make market determinations before offering margin trading services.

Jonathon Miller, the managing director of Kraken’s Australian operations, expressed surprise at ASIC’s actions, as he believed Bit Trade was adhering to local regulations.

In response to evolving regulatory requirements, earlier this year, Kraken sought restricted dealer registration in Canada.

New rules necessitated registration with securities administrators for all virtual asset service providers (VASPs) or risk expulsion.

Notably, exchanges Binance and OKX chose to exit the Canadian market due to these new regulations.

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