Kraken Obtains VASP License and Expands Operations in Ireland

Kraken crypto exchange has expanded its operations into Europe via Ireland, after successfully securing a Virtual Asset Service Provider (VASP) license in the region. Kraken will operate in the jurisdiction through its new subsidiary, Payward Europe Solutions Limited.

Jesse Powel’s crypto exchange Kraken has announced that it has successfully obtained a Virtual Asset Service Provider (VASP) license with the Central Bank of Ireland (CBI).

With the license, Kraken can launch its crypto operations across Europe via its Irish subsidiary, Payward Europe Solutions Limited.

Kraken says its latest achievement in gaining approval from European authorities strongly indicates its commitment to anti-money laundering and compliance standards and its commitment to promoting digital asset adoption across Europe.

Clear and effective regulation is essential to mainstream crypto adoption. As we bring innovative products and services to market, we are committed to working with European regulators to act in accordance with reasonable and forward-looking crypto asset regulations.”

“Clear and effective regulation is essential to the mainstream adoption of cryptocurrencies. As we bring innovative products and services to market, we are committed to continuing to work with European regulators to operate compliantly under reasonable and forward-looking crypto-asset regulations.”

Mark Jennings, President of European Operations at Kraken.

Europe is laying the groundwork for mainstream encryption adoption

While the US cryptocurrency space is being choked by draconian laws and ongoing enforcement action by regulators like Gary Gensler’s Securities and Exchange Commission (SEC), with many market participants anticipating an exodus of web3 companies from the country, the story isn’t quite the same for Europe.

The Markets in Crypto Assets (MiCA) Regulation, approved by the EU Council and ECON last year, is set to come into force in spring 2024, and aims to introduce clear, uniform and applicable crypto assets rules across the 27 EU member states.

MiCA is designed to promote crypto innovation and fair competition among market participants while protecting consumers, investors, and market integrity. With MiCA in the pipeline, more and more Web 3 businesses are expected to move to Europe in the coming months.