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.
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.
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.
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