Kraken has obtained an Electronic Money Institution (EMI) license from the Central Bank of Ireland and a virtual asset service provider (VASP) license from the Bank of Spain.
According to an announcement on September 26, the EMI license enables Kraken to expand its euro-to-cryptocurrency trading services to 27 European Union (EU) and European Economic Area (EEA) member states and countries.
In the meantime, the VASP registration in Spain permits Kraken to provide exchange and wallet custody services to Spanish residents. The exchange is also registered as a VASP in Italy and Ireland.
Curtis Ting, vice president of global operations at Kraken, stated, “We see a solid foundation for crypto in Europe, where forward-thinking regulation allows us to expand with confidence.”
Currently, the platform supports over 200 trading pairings across six fiat currencies, including the British pound, euro, U.S. dollar, Canadian dollar, and Swiss franc.
Cointelegraph reported on September 21 that Kraken was being sued by the Australian Securities and Investments Commission (ASIC) over allegations that its Australian subsidiary, Bit Trade, neglected to conduct market analysis before offering margin trading services.
Jonathon Miller, managing director of Kraken’s Australian operations, was surprised by ASIC’s decision because he believed Bit Trade to comply with local regulations.
To comply with new regulations requiring all VASPs to register with securities administrators or face expulsion, Kraken applied for restricted dealer registration in Canada earlier this year. Following the new regulation, exchanges like Binance and OKX left Canada.
