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Kraken BCM

Kraken Expanding In Europe Despite MiCA, To Acquire Dutch Broker

Dalmas Ngetich
by Dalmas Ngetich
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Kraken, one of the world’s oldest crypto exchanges, is strengthening its presence in Europe and plans to buy Coin Meester B.V. (BCM), a Dutch crypto broker. In a press release on October 5, Kraken said the purchase would give them a “sizable position in the Dutch market” and benefit the broker’s clients.

Kraken To Acquire BCM

BCM supports over 170 digital assets and is one of the oldest brokers in the country. By acquiring BCM, Kraken is asserting its commitment to expand across Europe. The exchange plans to expand its product line, increase liquidity, and improve security for a broader user base.

Kraken CEO David Ripley said:

The Netherlands has one of the world’s most advanced economies, with a well-established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans. The acquisition of BCM will give Kraken a sizable position in the Dutch market. It will allow BCM’s clients to benefit from an even more robust product offering.

Kraken said they are buoyed by the European Commission’s introduction of the Markets in Crypto-Assets (MiCA) regulatory framework. MiCA seeks to bring comprehensive crypto regulation to the European Union (EU).

Related Reading: Tokenized Asset Industry To Reach $16 Trillion: 3 Crypto That Will Make You A Millionaire

These rules aim to standardize the regulatory environment for various crypto assets, including fungible assets like Ethereum (ETH) or Bitcoin (BTC) and non-fungible tokens (NFTs).

Bitcoin price on October 5 when Kraken said it will buy BMV| Source: BTCUSDT on Binance, TradingView
Bitcoin price on October 5| Source: BTCUSDT on Binance, TradingView

MiCA Rules To Protect Investors, Exchanges Adjusting

Nonetheless, the European Union has claimed that MiCA’s primary objective is to protect consumers and investors by mitigating risks associated with crypto, including hacks and rug pulls while promoting financial stability and market integrity.

By establishing clear rules and requirements for crypto businesses and market participants, MiCA aims to “level the playing field,” even fostering innovation. MiCA took effect on June 1, 2023. Its full implementation will be in 2024. 

As a result of these developments, crypto firms and exchanges, such as Binance France, are closely watching MiCA’s implementation. In late August, Binance France said the Autorité des Marchés Financiers (AMF) license presented “an opportunity to adapt to regulatory challenges and capitalize on opportunities within the European market.”

Related Reading: Bitcoin Expert Exposes Alleged ‘Web of Deception’ By Tron’s Justin Sun

In Europe, Kraken has already obtained an Electronic Money Institution license from the Central Bank of Ireland and a virtual asset service provider (VASP) registration from the Bank of Spain. With the Irish license, Kraken can offer euro-to-crypto trading services in the EU.

Feature image from Canva, chart from TradingView
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Dalmas Ngetich

Dalmas Ngetich

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Dalmas is an experienced journalist with over a decade in Forex, general finance, technology, and blockchain developments. He is currently a crypto reporter for Bitcoinist, where he covers DeFi, blockchain, DeFi, and latest industry news. His work and that of his partners have been featured in top news outlets, including Forbes, investing.com, CoinTelegraph, and Entrepreneur, among others. He is passionate about technology and politics and is always on the lookout for the latest trends in these fields. He also loves spending time with his family and friends, exploring nature, and traveling to new places. Connect on X: @Dalmas_Ngetich, or message him directly on Telegram here: @Dalmas_Ngetich.

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