After obtaining the approval of the central Bank of Ireland, Kraken joined the growing list of world crypto exchanges with a mica license (markets in crypto-sets).
This decision marks a pivotal moment in the European expansion of Kraken and only occurs a few days after the Coinbase Mica license in Luxembourg.
Kraken obtains a mica license for EU operations: what it means for crypto
The license grants the Kraken Exchange Authority to provide regulated cryptography services in the 30 European countries of the Economic Area (EEE). This mandate positions the company as a favorite in the race to serve the digital asset market for the deepening of Europe.
In his blog, Kraken said that mica approval changed the game for the EU crypto, citing a direct result of an increase in commercial volumes denominated in euros.
The firm stressed that the license reduces the friction (a license, all the EEE) and allows it to serve customers for retail and institutional sales in a unified regulatory framework.
This decision comes as the regulation in Europe Mica attracts institutional actors and positions the region as a more stable jurisdiction.
“… Institutional actors consider Europe as a safer field compared to the American regulatory version,” read an extract from the blog.
More closely, Kraken considers the Mica license as a catalyst for its long -term growth, especially since the company looks at a potential IPO.
Arjun Sethi, Kraken Co-PDG, formulated the license as a powerful signal of Kraken’s commitment to extend the cryptography ecosystem thanks to responsible innovation.
“Being the first large global crypto platform to receive the CBI authorization affirms Kraken’s engagement to build in the long term … This license reflects this effort and places us in a strong position to extend our product offer,” said the blog, citing Sethi.
Kraken deepens leadership of the Euro market through the EEA
Meanwhile, Kraken’s imprint in Europe is already important. The exchange holds the registrations of virtual asset service providers (VASP) on several main EU markets, including France, Italy, Spain and the Netherlands.
He also introduced the first BTC / EUR trading pair in 2013 and today exploits what it describes as the “most liquid and reliable” platform of cryptographic trading labeled in Euro.
With Mica now in place, alongside the Mifid and EMI licenses already held by the Kraken group, the company is ready to increase regulated offers through places, derivatives and payment services.
According to the exchange, the Mica adds stronger consumer protections, increased transparency and surveillance. Kraken says it aligns the market according to a shared European regulatory standard.
The approval of the Kraken license comes only a few days after the Market Peer Coinbase obtained the release of Mica in the EU.
Meanwhile, the European Commission now explores the relaxation of certain mica rules, even if the European Central Bank (ECB) warns against regulatory safeguards.
Nevertheless, the president of the ECB, Christine Lagarde, affirms that the acceleration of progress towards a digital euro is a key priority, positioning it as essential to maintain the financial autonomy of Europe.
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