Major American crypto exchange Kraken has received permission from De Nederlandsche Bank (DNB) to expand its crypto trading services to our small country. It is the fourth European license the exchange has acquired and a new milestone in its European growth strategy.
Cryptocurrency exchange cracking gets a VASP license
Kraken announced today that it has received the green light from the DNB to operate in our country.
Specifically, Kraken has the decisive factor Virtual asset service provider (VASP) license obtained from the regulatory authority responsible for regulating and supervising financial institutions in the Netherlands.
To obtain such a license, crypto service providers must be able to demonstrate compliance with the Money Laundering and Terrorism Financing (Prevention) Act and the Sanctions Act 1977.
San Francisco-based Kraken has already secured registrations in Spain, Italy and Ireland and is “actively pursuing registrations in other European markets.”
By receiving this important license, Kraken is reacting to what is coming Crypto asset markets (MiCa) regulations, which provide a comprehensive framework for the regulation of digital assets in Europe.
Kraken is a very established name in the crypto landscape. Crypto fanatics have been able to trade crypto here since 2011. According to CoinMarketCap, Kraken is the sixth-largest crypto exchange in the world by spot trading volume.
Dutch crypto market
Kraken sees the Netherlands as a strategically important market for growth within European borders. Praise was expressed in today’s announcement:
“The Netherlands has a dynamic startup and technology sector, a strong financial services industry and the highest fintech adoption rate among developed economies. The country also has one of the highest crypto adoption rates in Europe, with around 20% of Dutch citizens owning crypto.”
Last October, Kraken also took a big step in our country. The crypto exchange BCM, formerly known as Bitcoin Meester, was then taken over by the American stock exchange.