Crypto exchange Kraken, one of the largest in the world, is moving forward with its plan to expand to new territory. A recent decision by Dutch regulatory bodies will accelerate this process.
Kraken Advances in Europe: Secures Dutch VASP Registration
According to an official announcement, Kraken has achieved a milestone in its European expansion strategy by securing a Virtual Asset Service Provider (VASP) registration from the Dutch Central Bank.
As the company stated, this registration marks Kraken’s commitment to aligning with European regulations. It broadens its operational reach to Dutch clients, underscoring the exchange’s dedication to growth within the European Union’s regulatory framework.
Brian Gahan, Kraken’s Managing Director for Europe, emphasized the importance of the Dutch market in the exchange’s European strategy. The executive added that the Netherlands, known for its robust fintech adoption and significant cryptocurrency engagement, presents a fertile ground for Kraken’s offerings.
Approximately 20% of Dutch citizens are reported to own crypto, positioning the Netherlands as a crucial market for Kraken’s expansion.
The announcement is pivotal as the European Union prepares to implement the Markets in Crypto-Assets (MiCA) regulatory framework later this year and in 2025. Kraken’s strategic investments in the region, including the proposed acquisition of Dutch crypto broker BCM, illustrate the exchange’s proactive approach to navigating the evolving regulatory landscape.
A Strategic Move: Kraken’s Plans For European Growth Amid Regulatory Shifts
As Bitcoinist reported, Kraken’s victory in a recent legal battle with Ripple further highlights the exchange’s commitment to user privacy and data protection. The court’s decision to allow Kraken to inform its XRP customers about a proposed class action without compromising their privacy sets a significant precedent for data protection in cryptocurrency.
As Europe moves towards a more regulated crypto environment, Kraken’s regulatory achievements and stance on user privacy establish the exchange as a key player in the region’s digital asset market.
In the face of rising competition and the expected consolidation driven by regulatory changes, Kraken’s European strategy could push it to gain market share over its competitors. Kraken is expanding its operational footprint by securing essential registrations and advocating for user privacy.
Chart from Tradingview