Cryptocurrency exchange Kraken is growing its presence in European markets with a collaboration to serve German clients.
A press statement states that Kraken has achieved a deal to provide digital asset conveniences for users in Germany with DLT Finance, a trademark of crypto service providers DLT Securities GmbH and DLT Custody Gmbh, which holds a BaFin license.
Germany and Europe have been positioned as major hubs for the adoption of cryptocurrencies this year. The Bitcoin (BTC) halving sparked significant interest in several German locations and European suppliers now control the majority of the crypto banking market.
CEO of Kraken, David Ripley, reaffirmed the desire for virtual currencies in Germany by stating that over 5% of Germans possess crypto assets in response to the move. CEO of Kraken, David Ripley stated:
“With this partnership, German clients get access to crypto with certainty that they are trading with a best-in-class offering as Germany transitions toward a new pan-European regulatory framework.”
In particular, as the EU executes its historic Markets in Crypto Assets Regulation (MiCA), Marius Sewing, co-founder and CEO of DLT Finance, noted that working with the cryptocurrency exchange will promote the use of regulated digital assets in the EU.
MiCA is one of the first complete crypto frameworks developed over three years. Stablecoin issuance and reserve requirements were among the guidelines established by the policy for digital asset service providers who give access to cryptocurrencies.
Despite being passed into law last year, MiCA is scheduled to go into effect completely in December. In line with a plan for European proliferation, Kraken teamed up with DLT Finance after submitting a proposal to purchase Dutch cryptocurrency broker Coin Meester B.V.
The cryptocurrency exchange was registered as a Crypto Service Provider in the Netherlands and was granted approval as an E-Money Institution by the central bank of Ireland. These successes enable Kraken to conduct business in Belgium, Italy, Spain, and Ireland.
