Kraken Takes Crucial Regulatory Steps Towards Expansion in Spain and Ireland
Kraken was able to get its Spanish subsidiary licensed and registered with the Spanish central bank.
In the near future, customers in Spain will be able to use the exchange’s cryptocurrency trading and custodial wallet services. According to a press statement issued by the company on Tuesday, Kraken’s Irish subsidiary has been granted an e-money institution (EMI) license by the Central Bank of Ireland. This will allow the company to extend its “EUR fiat services in collaboration with banks” in Ireland and across Europe.
Since the European Union made clear its regulatory attitude to cryptocurrencies, exchanges have been trying to grow within the region. Coinbase just opened an office in Spain. In 2024, the European Union (EU) will implement its full law for the markets in crypto assets regulation (MiCa).
According to Curtis Ting, vice president of worldwide operations at Kraken, “we see a strong foundation for crypto in Europe. Its forward-looking regulations give us confidence to grow.”
“We are thankful to the Central Bank of Ireland and the Bank of Spain for the positive example they have set in controlling the expansion of the business. Our entry into the flourishing Irish and Spanish fintech markets is cause for celebration. As for the rest of Europe, we want to keep investing there as well.”