• Kraken crypto exchange has secured a Virtual Asset Service Provider (VASP) license with the Central Bank of Ireland.
• The license enables it to launch its crypto operations across Europe via its Irish subsidiary, Payward Europe Solutions Limited.
• The Markets in Crypto Assets (MiCA) regulation is designed to foster crypto innovation and fair competition while protecting consumers and investors.
Kraken Secures VASP License in Ireland
Kraken, a leading crypto exchange, has announced that it has successfully secured a Virtual Asset Service Provider (VASP) license with the Central Bank of Ireland (CBI). This allows Kraken to operate its crypto services across Europe through its Irish subsidiary, Payward Europe Solutions Limited.
European Regulations Foster Crypto Adoption
The US crypto space is being restricted by regulators such as Gary Gensler’s Securities and Exchange Commission (SEC), leaving many web3 businesses considering an exodus from the country. However, European regulations are laying the groundwork for mainstream crypto adoption. The Markets in Crypto Assets (MiCA) regulation was approved by the European Union Council and ECON last year and is scheduled to take effect in spring 2024. MiCA’s purpose is to create clear-cut rules for cryptocurrency assets that protect consumers and investors while also spurring innovation within the industry.
Kraken Committed To Compliance Standards
By securing a VASP license in Ireland, Kraken has shown its commitment to anti-money laundering compliance standards and fostering digital asset adoption throughout Europe. Mark Jennings, Head of European Operations at Kraken stated: “Clear and effective regulation is essential for the mainstream adoption of crypto…we’re committed to working with European regulators to operate compliantly under sensible, forward-looking crypto asset regulation.”
Positive Outlook For Cryptocurrency Industry
Overall, this news indicates a positive outlook for the cryptocurrency industry as more exchanges are obtaining regulatory approval from governments worldwide. By adhering to anti-money laundering laws and ensuring consumer protection measures are taken into account when launching new products or services, exchanges will be able to bring innovative solutions into existing markets without disrupting existing financial systems.
In conclusion, Kraken’s successful acquisition of a VASP license in Ireland illustrates how companies can obtain regulatory approval from governments worldwide while still adhering to anti-money laundering laws and protecting customers’ rights at all times . This news signals an optimistic future for cryptocurrency industry as more exchanges receive licenses from various jurisdictions around the world.