Kraken Expands to Netherlands After Bagging VASP Registration

3 views 4:36 am 0 Comments February 16, 2024

Story Highlights

  • Kraken Exchange has secured the license to operate in the Netherlands
  • The exchange bagged the Virtual Asset Service Provider (VASP) registration from Dutch Central Bank
  • This move aligns with the general global expansion drive among exchanges

Cryptocurrency exchange Kraken has successfully secured a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank (DNB) as part of its European expansion moves.

Kraken Bags Another VASP License

The digital asset company announced the news of the license hours ago. According to the US-based cryptocurrency exchange, the VASP license from DNB affords the firm the legal rights to offer residents of the Netherlands some of its industry’s top products. In Kraken’s opinion, the Dutch ecosystem is one of the most important European markets. 

advertisement

Brian Gahan, the Managing Director of Europe for Kraken noted that the VASP license is an indication that the company’s European growth strategy is still accelerating. Beyond every other benefit, it is an opportunity for Kraken to push its services out to retail and institutional investors. 

“We see a lot of opportunity to introduce our offering to both retail clients and professional traders in the Netherlands and across Europe. Whether for existing crypto investors or people looking to buy crypto for the first time, Kraken is a top choice with a very competitive offering that continues to expand,” Gahan stated.

Triumphant March into European Market

It is noteworthy that Kraken has been eyeing the Dutch market for quite some time now. 

Recommended Articles

This pushed the digital asset company into considering the acquisition of Netherlands-based cryptocurrency exchange Coin Meester B.V. (BCM). At the time, CEO of Kraken David Ripley declared that the acquisition of BCM would fortify Kraken’s position in the Dutch market and enhance BCM’s product offerings, benefiting its existing clientele.

Kraken’s push into the European Market may be driven by the presence of a robust regulatory framework in the region, one of the factors missing in the United States. The European Union rolled out its Markets in Crypto-Assets (MiCA) regulatory framework last year. MiCA sets a legal structure for the crypto industry in all of the EU member states with its implementation set to begin later this year. 

Apart from the Netherlands, Kraken holds different licenses from Ireland, Spain, and even Italy. Per the announcement, Kraken mentioned that it is still pursuing licenses and registration in other European states in compliance with European regulations.

coingape

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.