Kraken secures another crypto license in Europe
Despite regulatory challenges in the US, emerging crypto exchange Kraken continues its expansion in Europe and strengthens its position in the global market. Having already received licenses from several European countries such as Spain, Italy and Ireland, another milestone has now been added: the operating license from the Dutch central bank DNB as a Virtual Asset Service Provider (VASP).
Kraken secures another crypto license in Europe
This license is a significant step for Kraken, which recently faced legal challenges with the US Securities and Exchange Commission. The SEC initially sued the exchange for stopping staking activities , after which a settlement was reached. Kraken was later sued again, this time for selling unregistered investment contracts.
Despite these regulatory difficulties, the exchange is consistently pursuing expansion and has now gotten the Dutch central bank on its side. The recent acquisition of Dutch crypto brokerage firm BCM highlights the strategic importance of the Dutch market in the expansion plan. In an official statement, Kraken highlighted the strength of the Dutch economy and its role as the headquarters of important technology companies.
Crypto exchange focuses on Europe instead of USA
Crypto exchange believes that the license as a VASP in the Netherlands will further strengthen the exchange’s position in the European market. This development will allow the exchange to expand its services in the European market and meet the increasing demand for crypto assets.
Kraken’s continued expansion in Europe also signals the confidence that European regulators have in the exchange’s capabilities and compliance with regulations. While the regulatory landscape in the US presents challenges, the crypto exchange in Europe appears to be steering a smoother course and solidifying its global presence.
