Kraken Secures Money License Registration in Spain and Ireland

The move follows the crypto exchange’s successful VASP registration in Italy.

Cryptocurrency exchange Kraken has received an Electronic Money Institution (EMI) license and Virtual ​Asset Service Provider (VASP) registration from the⁣ Central Bank of Ireland ​from the Bank of Spain.

According to the announcement ⁤on September 26, the EMI license allows Kraken to expand its euro-to-crypto trading services to ⁤27 European Union member states ⁢and European Economic Area countries. Meanwhile,​ VASP registration ⁢in Spain allows Kraken to ​offer exchange and wallet⁣ management services to Spanish residents. The company is also ⁣registered as⁢ a VASP ‌in Italy and Ireland.

Kraken’s Vice President of Global Operations, Curtis ⁤Ting, commented: “We ‌see a solid foundation ‌for crypto in Europe, ‍which has forward-looking regulation that allows us ⁢to‌ grow with confidence.” The platform currently supports over 200⁤ trading pairs‌ in six fiat currencies – ‌the British pound, the euro,‍ the US ‍dollar, the Canadian dollar, the Swiss franc and the Australian dollar.

On September 21, it was reported that Kraken was being sued ⁤by the Australian Securities and Investments Commission (ASIC)​ over​ allegations that its⁣ Australian subsidiary ​Bit Trade failed to​ conduct market regulations before offering margin ‌trading services. Jonathon Miller, managing director of Kraken’s Australian branch, said‌ ASIC’s move was‌ a surprise as he ‍believed Bit Trade ⁢was adhering to local ⁢regulations.

Earlier this year, Kraken applied for limited dealer registration​ in‍ Canada to comply with new rules that require all VASPS to register with securities administrators or face debarment. Exchanges Binance and‍ OKX have left Canada under the new rules.