Kraken Pushes Forward on Expansion in Spain, Ireland With Key Regulatory Steps

Crypto exchange Kraken said it attained a virtual asset service provider registration in Spain from the country’s central bank.

The exchange will soon be able to offer crypto exchange and custodial wallet services to Spanish residents. Kraken’s Irish subsidiary also obtained an e-money institution (EMI) license in Ireland from the central bank there which will enable it to expand its “EUR fiat services in partnership with banks,” in the country and across Europe, according to a press release Tuesday.

Exchanges have been looking to expand in Europe since the European Union clarified its regulatory approach to crypto. Recently Coinbase registered in Spain. The EU’s comprehensive legislation for crypto the markets in crypto assets regulation (MiCa) is set to take effect in 2024.

“We see a firm foundation for crypto in Europe, which has forward-looking regulation that enables us to grow with confidence,” said Curtis Ting, Kraken’s vice president of global operations. “We are grateful for the constructive approach to regulating industry growth set by the Central Bank of Ireland and the Bank of Spain. In both Ireland and Spain, we are excited to become part of their vibrant local fintech sectors. We also look forward to continuing our investments in Europe more broadly.”