Crypto exchange Kraken obtained a VASP registration from the Dutch Central Bank (DNB) as it advances its expansion into Europe.
Cryptocurrency exchange Kraken announced this week that it secured a Virtual Asset Service Provider (VASP) registration in the Netherlands. The registration allows the exchange to offer its services in the country.
Another milestone in our European growth strategy - Kraken received a registration from the Dutch Central Bank 🤝We look forward to welcoming all the new Dutch clients that are looking for an easier, better & more secure crypto experience. Read more ⤵️ https://t.co/9rG46vUyit
— Kraken Exchange (@krakenfx) February 8, 2024
Kraken Advances European Expansion
On February 8, cryptocurrency exchange Kraken announced it secured a VASP registration from the Dutch Central Bank (DNB). In a blog post announcing the registration, the exchange said it allows it to expand into a critical European market and offer its “industry-leading products” to Dutch clients. The announcement marks another step in the exchange’s European Growth strategy.
Brian Gahan, Managing Director of Kraken Europe, said in a statement:
“With the addition of the Dutch VASP registration, our European growth strategy continues to accelerate. 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.”
The news of the VASP registration comes after Kraken acquired the Dutch crypto broker BCM in October 2023. At the time, the exchange said the moves would enable it to “strengthen” its presence in the Netherlands and grant BCM’s clients access to Kraken’s extensive product offering.
“The Netherlands has a vibrant startup and technology sector, a strong financial services industry and the highest fintech adoption rate among developed economies. It also has one of the highest crypto adoption rates in Europe, with around 20% of Dutch citizens owning crypto,” Kraken explained.
Focused on Accelerated Growth Ahead of MiCA Implementation
In its European division, Kraken holds registrations in Spain and Italy and recently announced it may now legally operate in Ireland. The exchange highlighted its approval in several EU member states as a testament to its adherence to strict anti-money laundering and terrorist financing rules.
Kraken’s accelerated European expansion comes ahead of the highly anticipated Markets in Crypto-Asset (MiCA) regulatory framework. The EU’s landmark regulatory framework allows industry players to “confidently invest in the region and provide consumers access to more competitive products and services.” The EU is becoming an attractive region for crypto asset-related companies to establish themselves as the MiCA framework offers clear rules for crypto assets and the industry in general.
Spain recently announced MiCA will come into force nationally in December 2025, six months ahead of the official implementation deadline for EU member states in July 2026. The general deadline includes a 36-month transition period for member states. The Spanish Ministry of Economy and Digital Transformation said Spain wants to shorten the transition period to 18 months. The Ministry said the move “will provide legal certainty and greater protection for Spanish investors in this type of assets.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice
