Kraken Is Allowed To Expand Operations In Ireland With New VASP License

Key Points:

• On April 18, Kraken received a virtual asset service provider (VASP) license from the Central Bank of Ireland.
• The license permits the crypto exchange to operate legally in the nation.
• According to the exchange, the clearance demonstrates that it follows tight anti-money laundering and terrorist funding laws.

The Central Bank of Ireland granted Kraken a virtual asset service provider (VASP) license.

On April 18, the Central Bank of Ireland granted virtual asset service provider (VASP) authorization to Payward Europe Solutions, an Irish subsidiary of Kraken based in Dublin.

The license permits the crypto exchange to operate legally in the nation.

The exchange stated in a blog post on its website that its registration demonstrates to clients and customers that it follows Europe’s most stringent anti-money laundering and compliance standards and further underscores Kraken’s commitment to driving crypto adoption across Europe, now and in the future.

Opening up shop in Ireland would also provide Kraken access to the nation’s financial and technical talent pools, albeit the country is not as lax as some other European territories, such as Gibraltar or Malta.

Kraken will be able to create and deploy goods and services for its European customers from Dublin. Moreover, the exchange may help create strategic ties with global banks, which is especially important given the continued uncertainty around Brexit.

Irish Fintechs and other businesses may also make use of Kraken’s crypto-native services, including custody, clearing, trade execution, price discovery, and portfolio management.

Kraken’s Head of European Operations, Mark Jennings, stated:

“We’ve always put our clients first and believe in offering a compliant trading experience that leverages industry-leading customer service, robust security protocols, and a market-leading position in liquidity and volume for EUR crypto pairs.”

The VASP approval comes at a key juncture for Kraken. The European Union is preparing to vote on the long-awaited Markets in Crypto Assets (MiCA) law.

As preliminary voting revealed substantial bipartisan support, the MiCA Act is projected to succeed. If it does, every firm functioning as a CASP — a crypto assets service provider — in the EU will be required to register with one of the union’s 27 recognized authorities.

Moreover, the European Parliament has enacted the Data Act, which strengthens MiCA regulations and defines processes for dealing with sensitive personal and corporate data.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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